Registered number: 05900743 Charity number: 1115975 RATCLIFFE COLLEGE (A company limited by guarantee) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 RATCLIFFE COLLEGE IA company limited by guaranteol CONTENTS Page Reference and administrative details of the Company, Its Trustees and advisers Trustees, report 3-18 Independent auditor's report on the flnancial statements 19-22 Consolidated statement of financial activities 23 Consolidated balance sheet 24 Company balance sheet 25 Consolidated statement of cash flows 26 Notes to the financial statements 27-55 RATCLIFFE COLLEGE {A company limited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2024 Trustees Rev Fr C Fuse. Chairman Rev Fr A Furlong Rev Fr P Sainler Rev Fr T Thomas Mr R Gamble Mr P Rudd Mr S Burns Company registered number 05900743 Charity registered number 1115975 Registered office Fosse Way. Ratcliffe on thè Wreake. Leic8st8r, L6iC8Stershire, LE7 4SG Governor5 The school has its own Governing Body. 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 Sainter MPRudd Mr S Burns Ordinary Governors Capt. D Amies Mr S Astill Mr A Cameron-smilh Mrs H Cross lappoinled 1 September 2024) Mr M Cummins (resigned 1 Seplember 2024) Mrs T Gamble Mrs Margaret Kewell Mrs M Riley Mrs F Rooney {appointed 1 September 2024) Mr M Wells Senior Leadership Team Mr J Reddin. Headmaster Mr C Bellamy, Director of Finance and Operations Mr K Ryce Ms J Davis Mr B Harrison Mrs M Markham Mr J Masterson Mrs S Minford Mr J Rainer Page 1 RATCLIFFE COLLEGE (A company limited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Independent auditor Cooper Parry Group Limited, Sky View, Argosy Road, East Midlands Airport. Castle Donington, Derby, DE74 2SA Bankers National Westminsler Bank PLC, Market Place. Loughborough. Leicestershire, LE11 3NZ Lawyers Shakespeares LLP, 2 Colton Square, LÈicesler, LE1 1QH Veale Wasbrough Vvzards LLP, Narrow Quay House, Narrow Quay, Bristol. BS14QA Investment advisors Brewin Dolphin Ltd. 4th Floor, 9 Colmore Row, Birmingham, B3 28J Handelsbanken Wealth & Asset Management Ltd. No 1 Kingsway. London, WC2B 6AN Page 2 RATCLIFFE COLLEGE IA company limited by guarantee} TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST 2024 The Trustees present their annual report together with the audited financial statements of the Company for the year 1 September 2023 to 31 August 2024. 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 slatemenls of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice ISORP} applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS1021 (effective 1 January 2019}. Objectlves and activitie5 a. The Objects of the Charity The objects of the Charily are primarily the provision of a Roman Catholic School for boys and girls between the ages of three and nineteen and lo carry on such other charitable works as advance the Roman Catholic religion. b. Aims 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. It seeks lo develop the natural and spiritual talents of each child to the best of his or her ability. Although it is a Catholic School. Ratcliffe welcomes children from other faiths where it is felt that they can benefit from the ideals and environment provided. The Trustees, through the Governing Body. seek lo employ staff sympathetic to the aims and objects of the School and who could give their fullest support to the work and the objects of the Charity. c. 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 through the operational departments of the School. The Senior Leadership Team initially idenlify a series of Whole School Objectives, which are fomially presented to staff annually. together with headline sub-objeclives for each largel before being broken down into departmental operating plans for Academic departments, Pastoral areas and Support Services departments. Progress against the targets within these detailed plans is reported by departments, monitored by the Senior Leadership Team and formally reported to Governors on a termly basis. For each item within the detailed plan, there is an outline of the reasons for the target, the steps proposed to achieve it. an estimate of the likely resources needed and an update on progress made including identifiable success criteria. For the year ended 31 August 2024. the following Strategic Goals were identified.. To be a centre of academic excellence and Catholic leadershlp To Create inspirational learning environments to support academic and co-curricular excellence. To develop the College roll to achieve long-term financial security To develop the boarding offer To be an environmentally sustainable school To develop student and staff wellbeing To increase our Public Benefit d. Volunteers The School receives assistance from a small number of volunteers who are generally parents of students al the School. who help out with school trips and activities. Page 3 RATCLIFFE COLLEGE IA company limited by guarantee} TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2024 e. Public Benefit The Trustees have Gonsid&red the guidance contained in the Charity Commission's general guidance on public benefit and in particular its supplementary public benefit guidance on advancing education and on fee-charging. when exercising their powers and duties and planning the future activities of the Charity. The Gospel of Matthew recounts Jesus, words that insofar as we care for our poorest brothers, and sisters, needs, we do il for Jesus. Our School Motto echoes this Love is the fulfilmenl of the Law. It is in service lo others that the great variety of ages. backgrounds, creeds and experiences among our staff and students finds a common purpose. Partnership with Leicestershire County Cricket Club The Official Partnership with Leicestershire County Cricket Club conlinues to flourish. and we are proud of the opportunities the partnership offers our students, staff and the Ralcliffe community. The College supported Leicestershire County Cricket Club with a busy summer of cricket al Ratcliffe College hosting LCCC Pathway fixtures. The visiting counties included team5 from Bedfordshire, Durham, Northamptonshire, Nottinghamshire, Oxfordshire, Warwickshire, and Yorkshire, A special thank you lo Mr Chris Moody, Head of Grounds, and his team who have provided excellent wickets for our visiting counties, and for all their dedication to promoting the sport of cricket. Enhancing the Ratcliffe experience The fundraising over the course of this academic year has made a resoundin9 difference lo many aspects of the College. Parent donations, alongside donation5 from the Parents Association have amassed to over £33,500 which have supported projects or ((ems within the School directly benefilling students throughout the year, enhancing the learning experience. DEVELOPMENT AND FUNDRAISING Enhancing the Ratcliffe experience Throughout this academic year, the collective efforts of parents, alumni, and the Parents, Association have resulted in a transformational impact on various aspects of Ratcliffe College. The generous donations lotalling over £71,000 have directly supported projects and initiatives within the School, enriching the overall learning experience for students. Notable contributions include.. Provision of stringed musical instruments for the Preparatory School Music department Acquisition of microphones and stands for the Newman Hall Purchase of replica gas masks and bank notes for the History department Supply of sports vests for the Preparatory School Sports department Brand-new outdoor wet play dungarees for the Nursery and Prep School Digital media interfaces for Music students Installation of a trail camera for the Preparatory School children Furnishing of the Lighlhouse." a designated space fDr students to speak with dedicated 'sludent listeners. during break limes Emery Library The successful fundraising efforts of parents, alumni and Grandparents helped us to reach our £50,000 target and has paved the way for a newly transformed interior of the Emery Library, al the heart of the College. Approximately one third of the invited donors attended the opening and blessing of the newly refurbished libr8ry al the start of the academic year. We were also grateful lo have received a gift to the value of £25.000 from an Old Ralcliffian. Class of '79, who sponsored the reading room al the rear of the library in memory of his parents. Page 4 RATCLIFFE COLLEGE (A company limited by guarantee) TRUSTEES. REPORT (CONTINUED} FOR THE YEAR ENDED 31 AUGUST 2024 The Gift of Education Launched in 2023, The Gift of Education is a five-year bursary campaign with the goal of raising £1 million to support twenly-seven students by providing them with the transformative opportunity to study for years at Ratcliffe's Sixth Form. This initiative seeks to open doors for individuals who may otherwise be unable to afford a private education. The first year achieved donations of £38,000 just £2,000 short of our target of £40,000, thanks to the generosity of our alumni community. In addition to donations through the , we were fortLinate to receive legacies from members of the Old Ratcliffian community. Furthermore, some parents of our Year 13 leavers kindly chose to waive their entrance deposits, donating them lo the Bursary Fund. These contributions will enable a student to begin their Iwo-yearjourney with us from September 2024. Moreover, the ongoing support from generous donors dedicated to funding individual student bursaries has played a crucial role in making Ratcliffe education accessible lo deserving students. Altogether, the total income raised for bursaries amounted lo £81,200. We remain deeply grateful for the significant impact our donors have on the lives of the future generation of Ralcliffians Ukrainian Bursaries Further to the bursaries awarded to 4 Ukranian female students for the 2022-2024 academic years, we have been able to extend the bursaries for a Vl Form place to 2026 for one student and another to complete her Vl form studies in June 2025. This has only be possible due to the incredible generosity and support from one of our esteemed Old Ralcliffians, Mr. Peter Daley (Class of '561. Mr. Daley's heartfell wish to uplift the boarding experience for our Ukrainian girls has made a lasting impact. We express 0￿r deepest thanks to Mr. Daley for his remarkable support, which has significantly impacted the lives of our Ukrainian girls in boarding. His involvement and generosity exemplify the spirit of the Ratcliffian community and echoes the spirit of 'giving back to Ratcliffe,. Lourdes Seven Ratcliffe students travelled to Lourdes, France. in July accompanied by Frances and Sister Debs Warburton. Group 512, the Ratcliffe Rosmini group, consisted of 53 pilgrims including staff, students and former Ralcliffe sludenls. The theme of the pilgrimage was 'Let your light shine,. All of those who went were responsible for assisting other members of the group and were fantasticl They worked hard and found it a deeply inspirational, personal and humbling experience an amazing time and one they will all never for9et. One student. Thomas, has already shared his experiences al Headmaster's Assembly, and the remainder of the group will do so at Celebration of the Word on 11th October. Coats for Calais Year 10's chosen charity this year is Care 4 Calais. Care4Calais is a volunteer run charity delivering essential aid and support lo refugees livin9 in the UK. Northern France and Belgium. Operating year round, their focus is to provide warm ¢lothing. bedding, food and medical assistance to people in desperate need. They also provide social support and interaction, including language lessons and sports and music Workshops. The College delivered over 250 donated coats to Year 10's chosen charity 'Care4Calais' These coats will be given to refugees in Calais. The volunteers who took our donation were extremely grateful for our generosity. Faith in Action Some students in the Senior school are working towards their faith in Action award. This award is all about reflecting on their faith and putting it into action. One way they do this is by volunteering in the Prep School, helping the younger children prepare Liturgical Prayer. It is such a great example to the younger children in our community and everyone gets so much from this experience. Page 5 RATCLIFFE COLLEGE IA company limited by guarantee) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2024 Lent Mass The Senior School gathered logether on the 8th of March for a Lent Mass. This was particularly special because three Year 12 students were Commissioned al the Mass to be Eucharist Ministers. The Mass was a beautiful celebration of our school community faith, with a wonderful example set by our new 6th form Eucharistic Ministers. Well done to everyone who read, did the offertory, ministered, sang and played. Thank you to Fr Philip Sainter - Fr President for celebrating the Mass. In addition to raising over £1QO,000 for both domestic and overseas causes during the year, the College has aided the community in many other ways, including.. - Voluntary Service Unit weekly assistance to the Syston Friendship Group St Vincent de PaLJI 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 lo the Carpenter's Arms Assistance at the Carpenter's Arms Helping out at the LOROS Charity shop in Syston Free use of School grounds for local charitable fundraising events Free use of School minibus and driver lo local village prirnary school & other charitable groups Financial support and student participation for HCPT in the annual Lourdes Pilgrim St Mary's Church . Loughborough Every weekend in term time the boarding community gather together for mass at the weekend. On Saturday the 16th March we attended the Vigil Mass al St Marys- Loughborough. We took 60 boarders to the parish and were welcomed warmly by Fr Paul Gillham and Fr David Jones, fellow Rosminians. Bursary Policy Ratcliffe College wishes lo encourage the inclusion of children from all sections of sooiety, whose parenls feel they can share in and benefit from the ideals and environment of the School. In order lo facilitate the accessibility of the School to parents who would olhewise be precluded for financial reasons, the School introduced a bursary scheme with effect from September 2008, {Rosminian Bursaries) which aims to offer bursaries each year. During the year ended 31 August 2024, there were 8 students in receipt of such bursaries, with a total value of £141,000. The School is committed to the widening of the accessibility of its resources lo the public through the provision of bursaries and aims to increase the lolal value of bursaries awarded year on year, but must act within its financial means at all times. We continue with 4 bursaries of 100010 awarded to students from Ukraine, totalling £154,440. In 2012113 School Year, a further Bursary Scheme was launched which offers bursaries of up to 1000/0 lo talented students (J'udged in relation to academic performance, sport, music, drama or art & design) entering the Sixih Form from the maintained sector who meet the financial criteria. 10 students were in receipt of bursaries to the value of £111,000 under the scheme this year. The School has also established an additional bursary scheme for students of all ages, using annual funding provided by a former studenl. Funds lo the value of £23.000 have supported a number of students during the year. In 2023124 an additional Bursary Scheme has been launched called The Gift of Education, which aims to raise £1,015,000 by 2029 to support 21 students through Sixth Form at Ratcliffe. In 2023124 £38,000 was raised to contribute towards supporting 1 student through both years. In addition, the School has for many years offered reductions of lesser but not insignificant amounts against the main school fees, based on financial circumstances, via its relationship with a trust sel up through its past pupils, association. During the 2023124 School Year, there were 11 students in receipt of such bursaries. lotalling £36,000. The School encourages applications for its various bursary schemes via the production of a promotional booklet and the inclusion of a distinct page within the School Website. Page 6 RATCLIFFE COLLEGE (A company limlted by guarantee} TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2024 Strategic report Achievements and performance a. Key performance indicators The Trustees are very keen lo see that the ethos of the School is maintained. Antonio Rosmini, the Founder of the Institute of Charity. was an advanced thinker and respected 8ducationalist both in his own age and today. When Ralcliffe College was founded he laid down the basic principles upon which the School should be run, and the Trustees seek to continue these today. The important person is the child. His or her welfare and development to full potential have lo be at the forefront in everything that is undertaken in the School. This applies in the spiritual life of the children and in the organisation of the academic, physical and cultural activities of the School. These principles are set out in the Mission Statement of the School. A Level Results Congratulations to Year 13 students at Ratcliffe College who enjoyed success in their A Levels and BTECS this summer, with more than 1 in 5 students achieving grades AIAJA, or equivalent, or belter. Headmaster. Jonathan Reddin, commented.. "We are absolutely delighted for the Class of 2024 on their superb A Level and B TEC examination results. Their grades alp testamenl lo their hard work and the support and guidance of their dedicated teachers. We are iiJcr8dibly proiid of the way Ali which they have lived out our Mission as a Calholic School to 'Leari7 and Grow 117 the Light of the Gospel.. We wish them every happi17ess and success as they move on lo higher educ8tion courses and successful careers iii th8 future. A special mention lo Katherine Mccrindell and Romi Shablay-Whrf(e who both achieved 3 A's al A Level and Angelica Robinson who won her place at the University of Oxford to read French and Spanish. There was also Distinction" B TEC success for Quin Capsticks, Connie Colville and Ella-Rose Seymour. Overall, three students, won places lo read Veterinary Science, three lo read Medicine and to read Denlislry having achieved top grades. Ratcliffe's boardeTS were hugely successful. Regina Larn achieved 1 A" and 4 As, Bosco Chan. achieved A'IAIA and Girls, Boarding Prefect, Elen Gharagyozyan, achieved 2A"s and an A. Daria Slanishevska, who joined the College following the outbreak of war in Ukraine, achieved A'IAIAIA grades and will read Business and Economics in Vienna. GCSE Results The College celebrated students, GCSE examination success. with boarders achieving 600/0 of all grades 9-7. Staff and students have joined together to mark the achievements of the 2024 cohort, who have shown great commitment lo the College to secure their GCSE results. Headmaster. Mr Jonathan Reddin, commented.. "Congratulalions lo our Year 11 studei7ts 017 their GCSE success. We 8re very proud of theii. 8chievemenls and the hard work of their te8chers in providiiig them with the opportunity to fulfil their polei?tial. We look fonvard to s&eing our sludei?ts progress on to the next stage of their educatioi?. Achievements were celebrated across the Year Group, with special congratulations to Claudia Chau and Hani Cheuk who achieved nine grade 9s. We also congratulate Lilia Chippendale and Emily David who achieved grade 7 or above in 11 subjects, whilst Kyson Chan, Eloise Allsager, Polly Machin, Harriet Dickerson and Mogha Thakrar achieved grade 7 or above in 10 subjects, a marvellous achievement. Page 7 RATCLIFFE COLLEGE IA company limiled by guarantee) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2024 Beyond academic excellence, Ratcliffe College focuses on nurturing the whole child with an emphasis on developing Iheir spiritual, rnoral, social. and physical attributes through an outstanding pastoral care programme, which includes access lo a broad range of co-curricular and enrichment opportunities. Whether joining our Sixth Form as a day student or a boarder. our young people develop into Gonfidenl, articulate, independent and caring individuals who go on to make a posilive difference to the communities in which they live and work. Co-curricular, The Big Six- Offering a Perfect Balance At Ratcliffe College, co-curricular activities are integral lo our educational ethos, serving as the lifeblood that complements our academic program. These opportunities extend far beyond the confines of the classroom, offering a diverse range of experiences. We firmly believe in the significance of a well-rounded education, providing every student with the chance to forge new friendships, learn fresh skills and interests, and most importantly, lo enjoy themselves immensely along the wayl The Co-curricular Programme, revolves around OUT Big Six Chaplaincy Sport Music Drama Combined Cadet Force The Duke of Edinburgh's Award Formor Ratcliffe Student Makes his Debut for Liverpool Football Club in the FA Cup In a remarkable feal, 16 year old Trey Nyoni (OR, 23} recently made history by becoming Liverpool's youngest- ever player lo play in the FA Cup. Trey's outstanding performance during the FA Cup tie against Southampton in February contributed to Liverpool's impressive 3-0 victory Trey has not only been able to play al U18 level, but also debuted at U21 level and progressing to the first team within a few months of joining the club. Before accepting a Liverpool Football Club Scholarship this year, Trey Spent two years studying at Ralcliffe College on the Leicester City FC Acaderny Educational Programme. Head of LCFC Academy Partnership, and Ratcliffe College teacher, Mr Thorpe. commented, 'The Ratcliffe coinmu17ily has been thrilled to s&8 Trey's recent successes al Liverpool. Trey joined Ratcliffe as a full time LCFC Scholar in September 2021. Upoi? joining Ratcliffe, Trey soon became a well thought of member of th8 College ai?d boarding community, with both students and staff alike. We continue to follow Trey's suocesses and wish17in? all the best. The Leicester City FC Academy Educational programme provides the foundations for Academy Players to excel both on and off the pitch. Players receive a well-rounded education, as they manage their busy training schedules alongside studying for their GCSES, here al Ralcliffe College. Ratcliffe student makes impressive debut for Nottingham Forest Women FC The Lionesses captured the heart of the nation with their Euros 2022 triumph and reaching the World Cup Final n 2023. Since then, there has been a major turning point in womens football with a propel and surge of interest from girls up and down the Country flourishing in the game. Ratcliffe student and Lily Stevenson, continuas to make her own triumphant strides in the sport. On Sunday 71h April, Lily made her debut for Nottingham Forest Women's 1st Team, at 16 years old. Lily became one of the youngest players in the club's history to be selected for the 1 st Team, contributing to a 2-0 win away at stourbridge. Rising Star: Ratcliffe Collegè Student Joins The Blaze First Team Squad in Abu Dhabi Flora Davies, a dedicated Year 11 student, has received a golden opportunity to join The Blaze First Team Squad for their cricket pre-season tour in Abu Dhabi from February 5th to 15th. This incredible chance not only marks a milestone in Flora's cricket journey but also places her side by side with seasoned professionals, showcasing her prowess in the sport she has passionately pursued for over a decade. Page 8 RATCLIFFE COLLEGE IA company limited by guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Flora's love for ¢ricket began over 10 years ago, and her journey has been nothing short of extraordinary. Currently playing al academy level, Flora has demonstrated exceptional skills on the field. playing for Sileby Cricket Club and Leicestershire County Cricket Club. Her dedication and hard work have not gone unnoliced, as she continues to climb the ranks in the cricketing world. Flora was also The Blaze Academy Player of the Year and Leicestershire Women's and Girls. Player ofthe Year in 2023. Ratcliffe College Earns Eco-sehools Green Flag with Distinction We are proud to announce that we have been awarded the prestigious Eco-schools Green Flag with Distinction, a testament lo the school's unwavering commitment lo sustainability and environmental stewardship. This award is a recognition of the remarkable efforts made by the Sustainable Action Society, a dedicated group of students, in promoting sustainable practices within the whole school community. During the past academic year, the Sustainable Action Society embarked on a mission to make Ratcliffe College a more sustainable institution. while positively impacting the environment, after completing a thorough Environmental Review of the school. Their endeavours included the formulation of a comprehensive Action Plan. full of ambitious initiative5 designed to enhance the school's environmental footprint. An Eco-code for the Senior School and implemented litter picks and school assemblies each term. Notable achievements include a school- wide 'Big Battery Hunt resulting in the collection of an impressiv& 1.641 batteries, as well as initiatives aimed at reducing waste and increasin9 recyclin9 across the campus. Financial review a. Financial Results The year represented an improvement in financial performance lo the prior year with the College benefitting from a more stable environment, as inflation came under control and energy costs slabilized. This was supported by the College's installation of solar panels to offset eneigy costs and internal controls were tightened on budgets. Income was higher during the year, due lo both increased luilion and boarding fees of £1,460m and a comprehensive Immersion and Summer School programme which raised additional income of £104k. Total income increased overall by £1.424m lo £16.684m this year {2022-23.' £15,260ml. Expenditure increased by £1.197m to £16,544m 12022-23.. £15,403m}. Nel movement in funds (before investment gains} lotaled £43k 12022-23.. 1£142kll. A stronger performance within financial markets resulted in investment gains of £214k, a welcome reversal lo the prior year loss of {£93kl. Overall, therefore, there was a positive net movement in funds of £257k. The College ended the year with a strong cash balance of £3,618m. a growth of £1,257m lo the prior year. and, with short-tem investments of £1,000m, continued ils commitment to relain robust cash reserves, particularly in relation to the introduction of VAT in January 2025. The College has taken the decision lo limil capital expenditure in 2024-25 to further support future cash reserves. An operating surplus of £1,129m 12022-23.. £906KI resulted in an increase of £223k to the prior year and is invested back into the college to support capital expenditure and the going concern of the College. The underlying financial strength of the College is strong and we remain committed to ensuring this is a priority through careful management of the College's finances. The Trustees and management review a detailed annual budget and a 10-year scenario plan is continuously monitored in order ID help identify any potential Issues and lo support contingency planning. The College is thus well placed to face all future challenges. b. Subsidiaries The Charity has one wholly-owned subsidiary, which carries out non-charitable activities for the Charity. Ratcliffe Enlerprises Limited provides catering and conference facilities for organisations and individuals using the facilities of Ratcliffe College. Profits reduced from the prior year as assets have been redirected to support the Summer Schoo5 and Immersion programmes. Profit for the year ended 31 August 2024 was £7.849 {2023'. £28,211}. All profits are gift aided to the Parent Charity. More details regarding the subsidiaries are shown in note 32 to Ihe financial $18tements. Page 9 RATCLIFFE COLLEGE IA company limited by guarantee) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 ALIGUST 2024 Reserves policy At 31 August 2024, the unrestricted funds of the Group were £25,759,917 12022-23.. £26,288,583). £28,072,430 12022-23. £28,115,535) is represented by fixed assets, £1,956.033 12D22-23'. £1,749,534) is represented by fixed asset investments and £3,829,400 12022-23 £4,329,453) has been used to finance expenditure on fixed assets through loans and borrowings. As such, the balance of the Group's unrestricted funds excluding fixed assets. fixed assets investments and fixed asset loans and borrowings is negative. Therefore, the Group currently has no free reserves and £3,829,400 (2022-23.. £4.329,453) has been used lo finance expenditure on fixed assets through loans and borrowings. The Group's reserves policy aims lo ensure that there are adequate resources available to meet the financial requirements of the Group and lo have free reserves of at least half a terrn's expenditure. For 2023-24 this would have required reseNes of £2,442,225. This is reviewed on an annual basis and the College acknowledges that current reserves are negative, and though it is fell Ihal the cash reserve is strong the College is committed lo working towards meeting ils reserves policy. At 31 August 2024. the reslrided funds of the Group were £595,734 {2022-23'. £495,970). The purpose of these funds is to contribute towards bursaries and scholarships for students. d. Investment Powers, Policy and Performance The Trustees, investment powers are governed by the Memorandum and Articles of Association. which permits the Charity's funds lo be invested in securities listed on the London stock exchange. The Trustees, policy was to maintain income while preserving the real value of the inveslmenls. Historical investments are restricted funds which were invested by Brewin Dolphin Securities in a portfolio of fixed interest and equity funds. The investment values have increased by £23,047 to £249,739 during the year and investment income in 2024 was £4,861, a return of 1.950/0 on average investment values. The Trustees are seeking to improve performance both in terms of capilal growth and income generation. The Charity holds further funds with Handlesbanken Asset Wealth Management. The first fund is known as the Balanced Multi Asset Fund C. As of 31 Au9usI 2024, these were valued at £698,344. The second fund is known as the Income Plus Mulli Asset Fund C and is aimed at generating income, lo replace the diminishing returns from fixed interest deposits. This fund was first inv&sted during 2017118 and as of 31 August 2024 was valued at £1,007,953. In addition to these investments, the Charity has an investment property, Ratcliffe Farm. This was valued at £1.100.000 al 31 Augkjsl 2024 following a professional valuation carried out by Mather Jame in December 2022. Structure, governance and management a. Constltutlon The charity is controlled by its governing document, the Memorandum and Articles of Association, and constitutes a limited company, limrted by guarantee, as defined by the Companies Act 2006. b. Structure and Governance The Charitable Company "Ratcliffe College" was incorporated on 9 August 2006 and registered under the number 1115975 with the Charity Commission. From 1 September 2006, the Company took over the net assets and operations of the Charity 'Trustees of Ratcliffe College" (established by a Trust Deed executed in 1923) which related to Ratcliffe College, a school at Fosse Way, Ratcliffe on the Wreake, Leicestershire, founded in 1847. At the same time, the remaining net assets and operations of the Charity 'Trustees of Ratcliffe College. were transferred lo a second Charitable Company 'Grace Dieu Manor School (charity number 1115976} which operates a school of the same name in Thringstone, Leicestershire, founded as the Preparatory School lor Ralcliffe College in 1933. Page 10 RATCLIFFE COLLEGE IA company limited by guarantee} TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2024 'Truslees of Ratcliffe College. no longer has any assets or operations and has been deregistered as a charity. Governance The foundation of Ralcliffe College was made by the Religious Congregation called the Institute of Charity (often called the Rosminians after the Founder, Blessed Antonio Rosmini). The Tru51ees are members of the Congregation. Members of the Congregation provide Chaplaincy facilities in the School. New Trustees are appointed by Fr Provincial in consultation with 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 names or discusses with similar organisations whether they are aware of suitable candidates. The Governing Body consists of up to twelve members of whom two are Trustees {Foundalion Governors}', the remaining ten are appointed by the Trustees {Ordinary Governors) after consultation with the Governing Body. The terms of service are detailed in the Memorandum and Articles of Association, Article 55. Where additional Governors are required, the Charity encourages existing Trustees and Governors to put forward names or discusses with similar organisations whether they are aware of suitable candidates. New Trustees and Governors are provided with full information on the Charity's constitution. objects and finances. Training material is made available as necessary and appropriate training seminars are held or made available externally for the benefit of the Trustees and Governors. d. Management The Trustees entrust the management of Ihe School to the Board of Governors, whose powers and dulles are sel out in the Memorandum and Articles of Association, Article 55. The Trustees are kept fully informed of the management of the School, receiving Minutes of the Governors, Meetings and their sub committees. These are reviewed regularly 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 & Operations meet formally with the Trustees on a termly basis. The Remuneration Committee meets al least once per year to set the remuneration of members of the School's Senior Leadership Team for the following year. Recommendations on salaries are made to the Committee by the Head and Director of Finance. accompanied by sector specific salary survey information as appropriate. Connected Charities The Institute of Charity Icharily number 222508} and Grace Dieu Manor School (charity number 11159761 are considered lo be connected to the main charity because they have.. Common. parallel or related objects and activities. and Common control Trustees None of the current Trustees are resident in the School. The Trustees receive no remuneration for their services, nor (where applicable} for the work they do in the School. The Trustees are entitled lo recoup legitimate expenses incurred in the course of their duties as Trustees. Page11 RATCLIFFE COLLEGE IA company limited by guarantee TRUSTEES, REPORT {CONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2024 g. Employment Policies It is the School's policy to have effective communication and consultation with its staff. In addition lo the formal appraisal systern. Teaching staff attend a staff briefing each morning before classes begin, have al least one collective INSET session per term and operate a Common Room Committee to raise matters of interest or concern with the School. Non-teaching staff have access to the notes of the staff briefings and discuss rnatters of interest or concern at the weekly Diary Meeting. Copies of all employment policies are Contained within the relevant Staff Handbooks and are available on the Staff shared area of the School network. h. Disabled Employees The School gives proper consideration to all applications for employment of disabled persons. Those who are recruiled and Ihose who become disabled in employment receive appropriate training, career deve5opment and promotion i. Princlpal Rlsks and Uncertalntles Strategic Risk Assessment The Governing Body and SLT annually review the College strategiG risk regislef, to ensure the risks contained within remain relevant and any future risks are added. The Strategic Risk reglster was completed in July 2022, there is a process in place lo ensure risk reporting is part of regular meetings, the monitoring of which, is delegated to the Senior management Team. The Risk Register is includes the following risk categories.. Strate ic Risks.. Negative impact on strategic objectives e.g. reorganisation, change in priorilies, financi31 sustainability, reputation issue erational.. Negative impact on day-to-day operations e.g. Loss of a critical system, theft, damage, property maintenance. business interruption Peo Negative impact on staff, volunteers of the organisation or the people it interacts with e.g. key person dependency, recruitment & retention, capacity & capability Le allRe ulato Negative impact on the organisation's ability to cornply with the legal & regulatory landscape e.g. governance, non-compliance, breach of data protection Financial: Negative impact on the financials of the organisation e.g. increased pension fund liabilities, negative movements in the interest rate, fraud, fundraising Health & Safety The Health and Safety Committee meets lermly and its minutes are passed to the Governing Body, which carries out its own review of the Health and safety policy on an annual basis. The Governors Finance and General PuTposes Committee receives a termly report on Heallh and Safety. A specific Governor is nominated lo have Health and Safety responsibility, and as such 15 a member of the Health and Safely Committee. Page 12 RATCLIFFE COLLEGE IA company limited by guarantee) TRUSTEES, REPORT (CONTINUED} FOR THE YEAR ENDED 31 AUGUST 2024 The Trustees are happy that all major risks have been reviewed and the appropriate systems or procedures, as outlined above. have been established in order to manage those risks. Risk Management In addilion to the Strategic Risk management exercise, a number of issues have been identified which could have a significant impact on the future funding of the school. Pupil numbers The school currently is virtually at capacity 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 schools. The recruitrnenl of overseas boarders remains negatively impacted by the COVID-19 Pandemic. The imposition of 20°/. VAT on school fees including boarding fees from 1 January 2025, is expected to further decrease the allraclion of UK Independent Schools lo overseas students. as competitor schools abroad will now be considerably cheaper where private education remains exempt from VAT. Energy Costs In October 2023 the College signed a twelve-month contract for the supply of electricity, further extended by 24 months with the same supplier in October 2024. 11 was deemed appropriate to extend the contract by 24 months as, since the 2022 energy crisis, the market has stabilised at its new level. and the risk attached lo a shorter contract is relatively high given the situation in the Middle East and continuing conflict in Ukraine. In addition. the College undertook the installation of 300 solar panels in August 2023, which reduced electricity costs by £54.000 throughokjt this academic year. Gas prices have remained steady throughout the year and the margin paid on oil is competitive. Government Policy VAT on School Fees The new Labour Government has confirmed that 200/0 VAT will be applied to all Private School fees from 1 January 2025. In addition, the anti-forestalling legislation introduced on the 29 July 2024. prevents any Fees in Advance being paid in respect af fees for the 2025 Spring lerm onwards, when 200/0 VAT is payable. The detail of the new policy has now been announced and will be ratified on 30 October 2024 as part of the Governments, Autumn Budget Statement. The Governors established a VAT working group in early 2023. to provide aversight of the College's financial planning and proposed response to the imposition of 200/0 VAT on school fees. As part of the College's VAT preparalion activities, the College has taken the following steps in readiness for 1 January 2025. including,. Engaging specialist Tax consultants Crowe, lo provide advice and support Scrulinising all financial expenditure to identify every £1 of VAT applicable costs Analysing capital expenditure over the last 10 years of £250k+ for submission of a VAT reclaim under the Capital Goods Scheme Reducing costs where identified by external consultant5 BursarNel Implementing future cost control to the Teachers, Pension Scheme Exploring all opportunities lo maximise non-fee income, such as International short courses Keeping fee-increases in recent years to a minimum Recognising that any savings made will be offset by the removal of Mandatory Business Rates Relief Following the Government and HMRC announcement on the 10 October and which was confirmed in the Autumn Budget presented on 30 October 2024, the College registered for VAT with an effective date of registration of 1 November 2024. Page 13 RATCLIFFE COLLEGE {A company limited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2024 Loss of Mandatory Business Rate Relief IMBRR} The Labour Government have confirmed that the 80010 Mandatory Business Rate Relief for Charities, will be removed for Private Schools with effect from 1 April 2025. The Governors recognise the additional pressures this policy places on College finances at the same time VAT on school fees is implemented. Tea¢hers Pensions Scheme ITPSI The Government increased employer contributions lo the TPS were by 50/0, from 23.68 % to 28.68 % on 1 April 2024. The Governor5 undertook a pay and pensions review consultation process during the 2022 2023 academic year, to review all opportunities to protect the future financial health of the College. In particular review options lo mitigate the impact of the planned 2024 increase to TPS employer contributions and future increases. which are subject lo actuary revaluation every 4 yeaTS. The Governors, having reviewed all options and considered the representations made during the consultation process. implemented the following future wst control m6asures', 1. Teachers that choose to remain in the TPS have agreed to a salary reduction equivalent to all future increases in employer contributions, above 23.6801.. 2. Teachers may join the Aviva Pension Trust for Independent Schools {APTISI, which is a defined contribution scheme, with the equivalent benefits of the TPS capped al 23.68'/.. 3. The College withdrew phased withdrawal from the proposal, which effectively means all new Teachers recruited lo the College have the same two options above, and existing Teachers can opt to move between the 2 pension5 scheme at any given time in the future. The Governors believe that implernenling the above future cost control measures to pensions, will provide essential financial mitigation against the expected significant future Government increase5 in employer contributions lo the TPS. Affordability of a Ratcliffe education The school operates in a very competitive local market, with the continuing trend of school fees rising faster than earnings across the Independent Sector. The governors are mindful of the number of families being placed under greater pressure by rising fees, as well as those being potentially priced out of the market place in the first place. The Governors consider the following factors will potentially have an impact on the costs of school fees., High costs of living for families Post COVSD-19 pandemic lag effect on families VAT on school fees from 1 January 2025 Abolition ot MBRR on 1 April 2025 Ongoing high cost of utilities Safeguarding of pupils, staff and premises The safety of every child is of paramount importance al Ratcliffe College. Safeguarding and child protection are seen as everyone's responsibility. Ralcliffe College is a place where we help young people to achieve their greatest potential. The warmth of the Ratcliffe community allows children to thrive in all aspects of school life. It is therefore essential that the foundation for our community is built upon a secure and safe environment where our students can be free to develop without abuse, with the space lo grow and be children. Page 14 RATCLIFFE COLLEGE IA company limited by guaTantoe} TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2024 Plans for future periods The School has drawn up a new 2022-2027 5 year Strategic Development Plan, "Learning and Growing in the Light of the Gospel. based around its Vision 'To be a leading Catholic independent day and boarding school, which is financially secure. The Vision Statement is - "Encouraging Big ideas" The Strategic Plan: Provides a coherent strategic vision for the College. Provides the opportunity for all within the College community lo embrace this vision and work together to ensure ils delivery. Serves as a clear statement of intent for the College's Senior Leadership Team ISLTI and members of the Governing Body and Board of Trustees. Provides all members of the Ratcliffe College community {studenls, staff, current and prospective parenls, members of Governing Body and Board of Trustees, Old Ratcliffians), with a clear understanding of the future direction of the College. Whole College Culture: A clear, understood and 'lived' Catholic Mission with an inspirational Vision A safe and secure environment with effective management of resources Highly effective leadership and governance High standards and expectations for all built on a strong safeguarding culture A bespoke, innovative, Creative curriculum underpinned by outstanding Teaching and Learning Ratcliffe College Strategic Framework: Ten core strands have been identified as providing the framework necessary to meet these strategic goals. These are based upon the ISI framework. The quality of student achievement and learning The quality of teaching and assessment The quality of pastoral care and arrangements for student welfare (including boarding) The quality of our co-curricular 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 Section 172 statement The Governors and Trustees consider both individually and Collectively, that they have acted in a way that they consider, in good faith. would be most likely to promote the success of the charitable company. and group in order, lo achieve its charitable purposes and in doing so has given regard to the stakeholders and mallers sel oul in s172 of the Companies Act. The success of Ratcliffe College is reliant on the support of all of our stakeholders, and it is important to the long term success of the collège, lo continue to build and maintain positive relationships with all stakeholders. Page 15 RATCLIFFE COLLEGE {A company limited by guarantee) TRUSTEES. REPORT (CONTINUED FOR THE YEAR ENDED 31 AUGUST 2024 Relatlonshl s with our em lo ees The college recognises the key lo our success are our people, and we want them to be successful both as individuals and as a team. The college is committed lo 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 information is readily available lo employees through regular meetings, an intranet site, colSe9e app, daily and weekly briefings. Relationshl s wlth our students The students are key to everything that we do. The Governors and Trustèes and charity are committed to promoting excellence and the individual needs of each student is central lo the success of the college. Further detail included on Pages 5 and 6. Relationshi s with our wlder communl The college welcomes several of the wider community-based organisations onto the campus daily. This includes local primary schools and voluntary groups making use of the schools, wide range of facilities. Students at the college exlend their reach oulwards into the wider community through exiensive fundraising activities and events. These events very successfully raise significant funds and at the same time promote awareness in the student body to wider community and global challenges. Further details of specific examples of community projects in the year on Pages 3 and 4. Science Worksho s for Local Prirna Schools St. Josephs Catholic Primary School Science Workshop- Forensic Science Children from Sl Joseph's Catholic Volunlary Academy thoroughly enjoyed becoming forensic scientists al Ratcliffe College. The children were introduced to new learning experiences throughout and they certainly wasted no time rolling their sleeves up to crack the casel Hosting workshops like these at Ratcliffe is great for developing partnerships with local Primary schools and the wider community, and as St Joseph's is a fellow Catholic School we were delighted to welcome them and strengthen our relationship further." Plumtree Primary School Science Workshop - Forces In September. 14 Plumtree Primary School pupils were welcomed lo Ratcliffe College to spend the day with the Science Department in a series of exciting workshops related to the topic Df forces. The day began with a trio of demonstrations, obseNing how a push from the air can speed things up, how a magnetic force can slow things down, and how air pressure can change the shape of an objecl. After being wowed al the sight of magically expanding shaving foam, levitating ping pong balls and air-powered unravelling toilet roll, the children were then ready lo start the first of their two science workshops. Page 16 RATCLIFFE COLLEGE IA company limited by guarantee) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2024 Greenhouse gas emissions, ènergy consumption and energy efficiency action The School's greenhouse gas emissions and energy consumption are as follows.. 2024 2023 Scope 1 emissions (In tonnes of C02 equlvalonti Heating oil and vehicle fleet 170.48 354.39 187.08 477.67 Total Scope 1 Scope 2 emisslons (ln tonnes ol C02 equlvalent): Electricity 198.26 211.01 Totsl gross emisslons (ln tonnes of C02 equivalènt) 723.33 875.76 The Streamlined Energy and Carbon Reporting {SECRI figures will present a benchmark for future activity. We have a policy of recording and reviewing all energy use and investigating unexplained anomalies. The Main School electricity is half hourly and consumption use is studied to check that il follows expected patterns Of use. Both slaff and pupils are well aware of and wish to contribute to reducing energy consumption and follow best practice lo achieve this. We have a planned prevenlalive programme af replacing mechanical and electrical heat generation for morÈ efficient kinds. We have introduced solar panels to roofs on our prep school and sports centre as well as our prep sports centre. We have removed a dual 8 inch hot water pipe heating system (circa 1950's) from 21 boarding bedroom8 and replaced wlh individually Wi-Fi controllable heating systems. Which means we have more control over the rooms especially if Ihey are vacant. We have built a net zero 9 classroom English block with air Source heat pumps and solar panels. We have introduced secondary glazing to 5 bedrooms within the girls wing and are looking at similar systems for the boys boarding. We have also replaced heater in the Chapel in order to increase their efficiency. 300 solar panels additional have been installed in August 2023 and we are currently looking at options to around increasing the number of solar panels. Quantificatlon and reporting 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 (updated March 20191. We have used the 2024 UK Government's Conversion Factors for Company Reporting. The energy efficiency narralive methodology has been created based on energy management best practice. Organisational boundary We have used Ihe financial control approach. Page 17 RATCLIFFE COLLEGE IA company limited by guarantee) TRUSTEES. REPORT {CONTINUED} FOR THE YEAR ENDED 31 AUGUST 2024 Intensity ratio 2024 2023 Metric used: £m lurnover 15.963 14.637 Intensity ratio- Tonnes of C02 equivalent per £m lurnover It was decided to use total £m turnover {per management accounts) as our metric. The resulting int8nsity ratio of tC02e per total £m turnover will best reflect changes in operation and energy consumption over lime. 45.31 59. 83 Statement of Trustees, responsibilities The Trustees (wha are also the directors of Ihe Company for the purposes of company lawl are responsible for preparing the Trustees, report including the Strategic report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice}. Company law requires the Trustees to prepare financial statem6nts for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and the Company and of their incoming resources and application of resources, including their income and expendbture, for that period. In preparing these financial statements, the Trustees are required to.. select suitable accounting policies and then apply them consistently.. observe the methods and principles of the Charities SORP IFRS 102)-, make judgrnents and accounting estimates that are reasonable and prudent.. state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements. prepare the financial statements on the going concern basis unless it is inappropriate lo presume that the Group will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the Company's transactions and disclose with reasonable accuracy al any time the financial position of the Group and the Company and enable them to ensure Ihal the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Group and the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregulaiities. Disclosure of information to auditors Each of the persons who are Trustees at the time when this Trustees, report is approved has confirmed that.. so far as that Trustee is aware, there is no relevant audit infomation of which the charitable group's auditors are unaware, and that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to eslablish that the chaTltable group's auditors are aware of that infom8tion. Approved by order of the members of the Board of Trustees on 9 December 2024 and signed on their behalf by.. Mr S Burns Trustee Page 18 RATCLIFFE COLLEGE {A company limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF RATCLIFFE COLLEGE Opinion We have audited the financial statements of Ratcliffe College (the 'parent charitable companll and its subsidiaries (the 'Group'l for the year ended 31 August 2024 which comprise the Consolidated slalement of financial activities, the Consolidated balance sheet. the Company balance sheet. the Consolidated statement of ash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting standards. including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Praclicel and the Charities SORP 2019. In our opinion the financial statements.. give a true and fair view of the state of the Group's and of the parent charitable companws affairs as at 31 August 2024 and of the Group'5 incoming resources and application of resources. including its income and expenditure for the year then ended., have been properly prepared in accordance with United Kingdom Generally A¢cepled Accounting Practice.. and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS {UK}l and applicable law. Our responsibilities under Ihose standards are further described in the auditor's responsibilities for the audit of the financial slalements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have oblained is sufficient and appropriate lo 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 Group's or the parent charitable company's ability lo continue as a going concern for a period of al least iwelve months from when Ihe 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. Page 19 RATCLIFFE COLLEGE IA company limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF RATCLIFFE COLLEGE (CONTINUED) 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 infomialion contained within the Annual report. Our opinion on the financial statements does not cover the olh&r information and, except lo the extent otheNise explicitly slated 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 lo 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 thal there is a material misslalement of this other information, we are required lo report that fact. We have nothing to report in this regard. Opinion on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audil.. the information given in the Trustees, report including the Strategic report for the financial year for which the financial statements are prepared is consistent with the financial slaternenls. the Trustees, report and the Strategic report have been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of our knowledge and understanding of the Group and charitable company and its environment obtained in the course ol the audit, we have not identified rnaterial misstatemenls in the Trustees, report including the Strategic report. We have nothing la report in respect of the following matters in relation to which Companies Act 2006 requires us lo report lo you if, in our opinion.. the Group and parent charitable company has not kept adequate and sufficient accounting records, Dr returns adequate for our audit have not been received frorn branches not visited by us., or the Group and parent charitable company financial statements are not in agreement with the accounting records and returns., or certain disclosures of Trustees, remuneration specified by law are not made., or we have not received all the information and explanations we require for our audit. Responsibilities of trustees As explained more fully in the Trustees, responsibilities statement. the Trustees (who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the TrLJslees determine is necessary lo enable the preparation of financial statements that are free from material misstalemenl, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the Group's and the parent charitable company'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 lo liquidate the Group or the parent charitable cornpany or to cease operations, or have no realistic altemalive but to do so. Page 20 RATCLIFFE COLLEGE {A company Ilmlted by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF RATCLIFFE COLLEGE (CONTINUED) 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 lo fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when it exists. Misstatements can arise frorn 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. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities. outlined above, to detect material misstatements in respect of irregularities. including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is delailed below.. Our assessment focussed on key laws and regulations the group has lo comply with and areas of the financial statements we assessed as being more susceptible lo misstalemenl. These key laws and regulations included bul were not limited lo compliance with the Companies Act 2006, Charities Act 2011, taxation legislation. data protection, anli-bribery and employment legislation. We are not responsible for preventing irregularities, including fraud. Our approach lo detecting irregularities, including fraud, included, bul was not limited to, the following.. obtaining an understanding of the legal and regulatory framework applicable to the Group and parent charitable company and how the Group and parent charitable company are complying with that framework, including agreemenl of financial statement disclosures to underlying documentation and other evidence., obtaining an understanding of the Group and parent charitable company's control environment and how the group has applied relevant control procedures, through discussions with management and by performing walkthrough testing over key areas., obtaining an understandin9 of the Group and parent charitable companvs risk assessment process, including the risk of fraud., reviewing meeting minutes of those charged with governance throughout the year., and performing audit testing to address the risk of management override of controls, including testing journal entries and other adjustments for appropriateness. evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias. Whilst considering how our audit work addressed the detection of irregularities, we also considered the likelihood of detection of fraud based on our approach. Irregularities arising from fraud are inherently more difficult to detect than those arising from error. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely lo become aware of instances of nonvcompliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment. forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at.. www.frc.or .uklaudilorsres onsibilities. Thi5 description forms part of our Auditor's report. Page 21 RATCLIFFE COLLEGE {A Company Ilmlted by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF RATCLIFFE COLLEGE (CONTINUED) Use of our report This report is made solely lo the charitable company's members, a5 a body, in aGcordance wilh 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 Auditols report and for no other purpose. To the fullest exient permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members. as a body, for our audit work, for this report, or for the opinions we have formed. Kevin Hodgetts (Senior statutory auditor) For and on behalf of Cooper Pary Group Limited Statutory Auditor Sky View Argosy Road East Midlands Airport Castle Donington Derby DE74 2SA Date 3 February 2025 Page 22 RATCLIFFE COLLEGE IA company limlted by guarantèe) CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES IINCORPORATING INCOME AND EXPENDITURE ACCOUNT} FOR THE YEAR ENDED 31 AUGUST 2024 Total funds 2023 As restated Unrestricted funds 2024 Restricted funds 2024 Total funds 2024 Note Income from: Donations and legacies Charitable activities 147,523 42,540 147,523 16,383,407 103.787 48,884 137,435 14,922,552 114.546 85.928 16,340,867 103,787 43,298 Other trading activities Investments 5,586 Total income 16,487,952 195,649 16.683,601 15.260,461 Expenditure on: Raising funds Charitable activities 95,938 16,422,946 95,938 16,544,199 55,914 15,347.006 10 121,253 Total expenditure 16,518,884 121,253 16,640,137 15,402,920 Net lexpenditure}lincome before net gainsl(losses) on investments Net gainslllossesl on investments 130.9321 188.446 74,396 25,368 43.464 213,814 1142,459) {96.4331 16 Net movement in funds 157,514 99,764 257,278 {238.892} Reconciliation of funds: Total funds broughl forward Nel movement in funds 22 25,802,403 157,514 495,970 99,764 26,098,373 257,278 26,337,265 (238.8921 Total funds carried forward 22 25,759,917 595,734 26.355,651 26,098,373 The Consolidated statement of financial activities includes all gains and losse5 recognised in the year. The notes on pages 27 to 55 form part of these financial statements. Page 23 RATCLIFFE COLLEGE IA company limited by guarantee REGISTERED NUMBER: 05900743 CONSOLIDATED BALANCE SHEET AS AT 31 AUGUST 2024 2023 As restated 2024 Note Fixed assets Tangible assets Investment5 15 28,072,430 1,956,033 28,529.355 1,749,537 16 30,028,463 30.278,892 Current assets Stocks 17 18 19 61,518 599,010 1,000,000 3.617,907 97,363 610,613 750,000 2.361,369 Debtors Investment5 Cash al bank and in hand 5,278,435 3,819.345 Creditors: amounts falling due within one year 20 14,304.097) 13,671,534) Net current assets 974,338 147,811 Total assets less current liabilities 31,002,801 30.426,703 Creditors., amounts falling due after more than one year 21 14,647,150) 14,328,330) Total net assets 26,355,651 26,098,373 Charity funds Reslricled funds Unreslricled funds 22 595,734 25,759.917 495.970 25,6Q2,403 22 Total funds 26,355,651 26,098,373 The Trustees acknowledge their responsibilities for complying with the requirements of the Acl with respect lo accounting records and preparation of financial statements. The financial slalements were approved and authorised for issue by the Trustees on 09 December 2024 and signed on their behalf by. Mr S Burns Trustee The notes on pages 27 10 55 form part of these financial statements. Page 24 RATCLIFFE COLLEGE {A company limited by guarantee) REGISTERED NUMBER: 05900743 COMPANY BALANCE SHEET AS AT 31 AUGLIST 2024 2023 As restated 2024 Note Fixed assets Tangible assets Investments 28,139,219 1.956,036 28,596,906 1.749,540 16 30,095,255 30,346,446 Current assets Stocks Debtors Investments Cash at bank and in hand 17 61.518 610,069 1,000,000 3,582,661 97,363 598,627 750,000 2,347,996 18 19 5.254.248 3,791,986 Creditors: amounts falling due wlthin one year 20 14,286,999) {3,872,388} Net current assets 967,249 119,598 Total assets less current liabilities 31,062,504 30,466,044 Creditors: arnounts falling due after more than one year 21 14,647,150) 14,328,330) Total net assets 26,415,354 26,137.714 Charity funds Restricted funds Unrestricted funds 22 595,734 25,819,620 495,970 25,641.744 22 Total funds 26,415,354 26.137,714 The Company's net movement in fund5 for the year was £277,64012023 - £{256,55711. The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements. The financial statements were approved and authorised for issue by the Trustees on 09 December 2024 and signed on their behalf by.. Mr S Burns Trustee The notes on pages 27 to 55 form part of these financial statements. Page 25 RATCLIFFE COLLEGE {A company limited by guarantee) CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2024 2024 2023 Cash flows from operating activities Nel cash used in operating activities 2,907,237 445,738 Cash flows from Investing activities Dividends, interest5 and rents from investments Purchase of tangible fixed assets Proceedsllexpensesl from sale of investments Purchase of investments 41,421 (629.210} 16,111) 65,607 1941 .0461 45,357 {80,014) Net cash used in investing activities (593,9001 1910.0961 Cash flows from financing activities Repayments of borrowing Interest paid 1500,0541 1320,1741 {191 ,4321 1221 ,8691 Net cash used in financing activities {820,228} 1413,301> Change in cash and cash equivalents in the year Cash and cash equivalents al the beginning of the year 1,493,109 {877,659) 3,132,434 4,010,093 Cash and cash equivalents at the end of the year 4.625,543 3,132,434 The notes on pages 27 10 55 form part ofthese financial statements Page 26 RATCLIFFE COLLEGE IA company limited by guarantee> NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 General Informatlon Ratcliffe College is a charitable company, limited by guarantee, registered in England and Wales. The Company's registered number is 05900743 and registered office is Ralcliffe College, Fosse Way, Ratcliffe on the Wreake, Leicestershire, LE7 4SG. The financial statements are presented in sterling which is the functional currency of the charitable company and rounded to the nearest £. The significant accounting policies applied in the presentation of these financial slalements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. Accounting policies 2.1 Basls of preparation of financial statements The financial statements have been prepared in accordance with the Charities SORP {FRS 1021 Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charilies preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 and the Companies Act 2006. Ralcliffe College meets the definition of a public benefil entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. The Consolidated statement of financial activities (SOFA) and Consolidated balance sheet consolidate the financial statements of the Company and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis. The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of financial activitiés in these financial statements. 2.2 Going concern The Trustees assess whether the use of the going concern basis of accounting is appropriate li.e. whetherthere are any material uncertainties related to events or conditions that may cast significant doubt on Iheability of the charity to continue as a going concern). The trustees make this assessment in respect of aperiod of at least 12 months from the date of the approval of the financial statements. The financial slatementshave been prepared on a going concern basis, as the Trustees are salisfiedthe group and charity havesufficient resources to continue in operational existence for the foreseeable future and that there are nomaterial uncertainties about the group or charity's ability to continue as a going concern. 2.3 Income Incoming resources comprise tuition and boarding fees, granls and donalions, investment income, interest receivable and other miscellaneous income and are accounted for on a receivable basis with the exception of donations which are accounted for when the Charity becomes legally entitled to them and they can reasonably be measured in financial terms. Donations are recognised on a receivable basis where there is certainly of receipt and the amount can be reliably measured. Income lax recoverable in relation lo donations received under Gifi Aid or deeds of covenant is recognised at the time of the donation. Page 27 RATCLIFFE COLLEGE (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accounting policies (continued) 2.4 Expendituro Costs of generating funds are costs incurred in attracting voluntary income, and th058 incurred in trading activities thal raise funds. Charitable activities and Governance costs are costs incurred on the company's operations, including support costs and oosts relating to the governance of the company apportioned lo charitable activities. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs relating to that category. Irrecoverable VAT is included with the category of expenses to which it relates. Trading expenses comprise those costs associated with trading carried on through the subsidiary trading Company. Fundraising expenses are those incurred in seeking voluntary contributions. Costs of charitable activities consists of all expenditure directly relating to the objects of the Charity. Grant offered subject lo conditions which have not been mel at the year end date are noled as a commitment but not aGGrued as expenditure. Expenditure is recognised once there is a legal or conslruclive obligation to transfer economic benefit to a third party, il is probable that a transfer of economic benefits will be required in settlernenl and the amount of the obligation can be measured reliably. Expenditure is classified by activily. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that aclivily. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consislenl wth the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs. 2.5 Taxation The Charitable Company is exempl from Gorporation tax on its charitable activities. Trading activities within the subsidiary, Ratcliffe Enterprises Limited, are subject to Gorporation lax to the extent that profits are not gift relieved lo the parent, Ratcliffe College. Page 28 RATCLIFFE COLLEGE IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accounting policies {continued) 2.6 Tangible fixed assets and depreciation Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impaimient losses. The freehold land and buildings were valued using professional valuers as at 1 September 2006, the date the assets were transferred from the old Charity. This valuation will not be updated as it has been adopted as the historical cost. The land and buildings were valued on the following basis.. 1. Main collegelschool and buildings on site depreciated replacement cost value 2. Other buildings - open market value The Trustees consider that the expected useful life of the buildings taking into account the nature and status of the buildings. with the result that for the main School buildings, which are primarily a list property, il is anticipated that they will have a future life of not less than 50 years. This is in excess of the life used in the valuation mentioned above and resulted in an increase in both depreciation and valuation. Assets in the course of construction are included al costs incurred to date. Depreciation on those assets is not charged until they are brought into Ltse. A review of impairment of a fixed asset is carried out if even15 Qr changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the Statement of financial activities. Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method. The estimated useful lives are as follows.. Freehold and leasehold property- 2°/. 10°/o on cost Motor vehicles 250/0 on cost Fixtures and fittings 100/0 on cost Computer equipment 20 % on cost The assets, residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively rf appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Consolidated statement of financial activities. Page 29 RATCLIFFE COLLEGE IA company limited by guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accounting policies (continued) 2.7 Investments Investments held for the long-lerm lo generate income or capital growih are carried al mathet value as fixed assets. Realised gains are the difference be￿een sales proceeds and opening market value where the investment was held at the beginning of the year, or sales proceeds less cost of purchase where the investment was acquired in the year. Unrealised gains are the change in value of investments after taking into account any movements in investment holdings such as purchases and disposals of investments. Realised and unrealised gains are accounted for within the Statement of Financial Activities.s Current asset investments are short term highly liquid investment and are held al fair value. These included cash on deposit and cash equivalents with a maturity of less than one year. Investments in subsidiaries are valued at cost less provision for impairment. 2.8 Stocks Stocks are valued al the lower of cost and nel realisable value after making due allowance for obsolete and slow-moving stocks. 2.9 Debtors School fees and other debtors are recognised at the settlement amount after any discount offered. Prepayments are valued at the amount prepaid nel of any trade discounts due. 2.10 Cash at bank and in hand Cash al bank and in hand includes cash and short-lerm highly liquid investments with a short maturity of three months or less from the dale of acquisition or opening of the deposit or similar account. 2.11 Liabilities and provisions Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in setllemenl. and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Company anticipates it will pay lo sellle the debt ol the amount il has received as advanced payments for the goods or sejvices it musl provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted al the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Consolidated statement of financial activities a5 a finance cost. Page 30 RATCLIFFE COLLEGE IA company limited by guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accounting policies Icontinued) 2.12 Financial instruments The Group has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments. Basic financial assets, including trade and other debtor5 and cash and bank balances are initially recognised al transaction price, unless the arrangement constitutes a financing transaction. where the transaction 15 measured at the present value of the future receipts discounted at a market rate of interest. Al the end of each reporting period financial assets measured al amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference belween the carrying amount and the Present value of the estimated csah flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the Statement of Financial Activities. Basic financial liabilities, including trade and other creditors, bank loans and loans from connected entities, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured al the present value of the future receipts discounted al a market rale of interest. Debt instruments are subsequently carried at amortised cost. using the effective interest rate method. 2.13 Operating leases Rentals paid under operating leases are charged to the Consolidated slalement of financial activities on a straight-line basis over the lease lerm. 2.14 Pensions Conlributions are made for teaching slaff to the Department for Education Superannuation Scheme I'TPS l. For the purposes of complying with relevant accouting standards the TPS is accounted for as a defined contribution scheme as the Charity is not responsible for or entitled to receive benefit for any surplus nor is responsible for any deficit of the scheme. The majority of non leaching staff are members of a defined conlribulion occupational pension scheme. The Charity is not entitled lo receive benefit for any surplus or deficit on the scheme. 2.15 Fund accounting General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. The bursary fund comprises transfers from the general fund lo provide bursaries for pupils. Reslricled funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is sel out in the notes to the financial statements. Investment income, gains and losses are allocated lo the appropriate fund. Page 31 RATCLIFFE COLLEGE IA company limited by guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Critical accounting estimates and areas of Judgment In the application of the group's accounting policies, management is required to make judgements. estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from olher sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimate5. 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 if Ihe revision affects only that period. or in the period of the revision and future periods if the revision affects both current and future periods. Critical accounting estimates and assumptions.. Useful economic lives and tangible fixed assets The annual depreciation charge for the tangible fixed assets is sensrtive to changes in the estimated useful economic lives and the residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisalion and the physical condition of the assets. Recoverability of debtors The provision for doubtful debts is based on an estimate of Ihe expected recoverability Df those debts. In line with the Group's accounting policy, the provision is based on the currerit situation of the customer and the age profile of the debt. Al the reporting date. the bad debt provision is £277,02712023.' £124.4431. Page 32 RATCLIFFE COLLEGE IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Income from donations and legacies RestriGled funds 2024 Total funds 2024 Donations 147,523 147,523 Restrlcted funds 2023 Total funds 2023 Donations 137,435 137,435 Income from charitable activities Unrestricted funds 2024 Restricted funds 2024 Total funds 2024 Fees receivable Grants received Other fee income Foundation events income 15,413,519 15,413,519 23,408 946,480 23,408 19,132 927,348 16,340.867 42,540 16,383,407 Unrestricted funds 2023 Restricted funds 2023 Total funds 2023 Fees receivable (note 6) Grants received Other fee income (note 71 Foundation events income 14.188,146 14,188,146 32,408 697,152 4.846 32,408 697.152 4,846 14,890,144 32,408 14,922,552 Page 33 RATCLIFFE COLLEGE {A company limited by guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Fees receivable 2024 2023 Gross fees Less.. bursaries, grant5 and allowances Add.. bursaries paid by restricted funds 17.057.452 15,663,233 (1.667.341) 11,507,495) 23,408 32,408 15,413,519 14,188.146 Other fee Income 2024 2023 Music tuition Learning support Other 267,436 101.666 554.360 245,831 47,293 404,028 923,462 697,152 Income from other trading activities Income from non charitable trading activities Unrestricted funds 2024 Total funds 2024 Trading Income 103,787 103,787 Unrestricted funds 2023 Total fLtnds 2023 Trading Income 114.546 114,546 Page 34 RATCLIFFE COLLEGE IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Inve5tmenl income Unrestricted Restricted funds funds 2024 2024 Total funds 2024 Investment income 43,298 5,586 48,884 Unrestricted Restricted funds funds 2023 2023 Total funds 2023 Investment income 81,067 4,861 85.928 10. Analysis of expenditure on charitablo actlvities Summary by fund type Unrestricted Restricted funds funds 2024 2024 Total 2024 Teaching costs Welfare Premises Foundation costs Support costs 8.971,757 1.881,715 2,246,218 58,057 3,265,199 71,793 9,043,550 1,881,715 2,246,218 104,982 3,267,734 46,925 2,535 16,422,946 121,253 16,544,199 Page 35 RATCLIFFE COLLEGE {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 10. Analysis of expenditure on charitable activities IGontlnued} Summary by fund type (continued) Unrestricted Restricted funds funds Total 2023 2023 2023 As restated As restated As restated Teaching costs Welfare Premises Fourbdalion Costs Support Costs Grants Payable 8,259,877 1.749,184 2,398,927 23,243 2,697,626 8.259,877 1,749,184 2,398,927 163,121 2,697,626 78,271 139,878 78,271 15,128,857 218,149 15,347.006 Summary by expenditure typè Staff costs Depreciation Other costs 2024 2024 2024 Total 2024 Teaching costs Welfare Premises Foundation costs Support costs 8,120,902 1.188,523 415,250 42,104 1,501,088 364,297 558,351 693,192 1,109.246 62,878 1,766,646 9,043,550 1,881,715 2,246,218 104,982 3,267,734 721.722 11,267,867 1,086,019 4,190,313 16,544,199 Staff costs Depreciation Other costs Total 2023 2023 2023 2023 As restated As restated A5 restated As restated Teaching costs Welfare Premises 7,368,351 1,036,563 397,751 58,238 1.348,562 366,194 525,332 712,621 1,305,988 104,883 1.349,064 78,271 8,259.877 1,749,184 2,398,927 163,121 2,697,626 78.271 695,188 Foundation costs Support costs Grants payable 10,209.465 1,061,382 4,076,159 15,347,006 Pa9e 36 RATCLIFFE COLLEGE IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 10. Analysis of expenditure on charitable activlties Icontlnuedl Summary by expenditure type Icontinuedl 11. Analysis of expenditure by activities Activities undertaken directly 2024 Support costs Total funds 2024 2024 Teaching Welfare Premises Foundation costs Support costs 9,021,852 1,881.715 2,246.218 104.982 21,698 9,043,550 1,881.715 2,246.218 104,982 3,267,734 3,267,734 13,254,767 3.289,432 16.544,199 Activities undertaken Support Total directly costs funds 2023 2023 2023 2023 As restated As restated As restated As rèstated Grant funding of activities Teaching Welfare Premises 8,235,914 1,749.184 2,398,927 163,121 23.963 8,259,877 1,749,184 2,398,927 163.121 2.697,626 78,271 Foundation costs Support costs Grants payable 2,697,626 78,271 12,547,146 78,271 2,721,589 15,347,006 Page 37 RATCLIFFE COLLEGE IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 11. Analysis of expenditure by activities (continuedl Analysis of support costs Support costs 2024 Total funds 2024 Governance 2024 Stsff costs Teaching costs Welfare Premises Support costs Donations and community Subscriptions Finan¢e Gosts other costs Governance 1,501,088 92,684 99,648 223,871 157,543 171,679 82,173 334,216 604,832 1.501,088 92,684 99,648 223,871 157,543 171,679 82.173 334,216 604.832 21,698 21,698 21,698 3,267,734 3,289,432 Total funds 2023 Governance Support 2023 2023 Staff costs Legal and professional Postage. stationary and telephone expenses Transport costs Publicity Donations and community Subscriptions Finance costs Other costs Governance 1,348,562 93.577 96,357 144,487 140,454 156,071 73,548 275,940 388,630 1,348,562 93,577 96,357 144,487 140,454 156,071 73,548 275,940 368,630 23,963 23,963 23.963 2,697,626 2,721,589 Page 38 RATCLIFFE COLLEGE (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 12. Auditor's remuneration 2024 2023 Fees payable to the Company's auditor for the audit of the Company's annual accounts 25,000 21,600 Fees payable to the Company's auditor in respect of.. Audit of the Company's subsidiaries. Audit-relaled assurance services Taxation compliance services 4,000 1,000 3,250 4,731 13. Staff costs Group 2024 Group 2023 Company 2024 Company 2023 Wages and salaries Social security costs Contribution to defined contribution pension schemes 8.862,297 823,921 8,104,129 763,064 8,862,297 823,921 8,104,129 763,064 1.581,649 1,342,272 1,581,649 1.342,272 11,267,867 10,209,465 11,267,867 10,209,465 The average number of persons employed by the Company during the year was as follows.. Group 2024 Group 2023 Company 2024 Company 2023 Teaching Staff Support Staff 138 142 170 138 190 142 191 169 329 312 328 311 The average headcounl expressed as full-lime equivalents was.. Group 2024 No. Group 2023 Company 2024 Company 2023 No. Teaching Staff Support Staff 119 123 124 135 119 123 124 135 242 259 242 259 Page 39 RATCLIFFE COLLEGE IA company limited by guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 13. Staff Gosts {contlnued) The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was.. Group 2024 Group 2023 In the band £60,001- £70,000 In the band £70,001- £80,000 In the band £80.001- £90,000 In the band £90,001- £100,000 In the band £100,001- £110,000 In the band £130,001- £140,000 In the band £140,001- £150,000 The total amount of employee benefits, including employers national insurance contributions and employers pension contribution5, received by key management personnel for the group is £928,073 12023.. £875,226). The group considers the key management personnel lo consist of the Senior Leadership Team. 14. Trustees. remuneration and expenses During the year, no Trustees re￿iVed any remuneration or other benefits12023 £NILI. During the year ended 31 August 2024. expenses lolalling £466 were reimbursed or paid directly to Truslees12023 - £614} for travel expenses. Page 40 RATCLIFFE COLLEGE (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 15. Tangible fixed assets Group Lon9-term Freehold leasehold property property Motor Fixtures Computer vehicles and fittings equipment Total Cost or valuation At 1 September 2023 (as restated) Additions 33,947,473 335,875 960,160 180,679 3,935,400 64,640 228,695 937,403 39,961,115 629,210 At 31 August 2024 34,283,348 960,160 245,319 4.164,095 937,403 40,590,325 Depreclatlon At 1 September 2023 (as restated) Charge for the year 7,807,799 679.343 559.934 42,379 133,096 2,077,827 18,240 317,836 853.104 11,431,760 28,337 1,086,135 At 31 August 2024 8,487,142 602,313 151,336 2,395,663 881,441 12.517,895 Net book value At 31 August 2024 25,796,206 357,847 93,983 1,768,432 55,962 28,072,430 At 31 August 2023 26,139,674 400,226 47,583 1,857,573 84,299 28,529.355 Page 41 RATCLIFFE COLLEGE IA company Ilmited by guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 15. Tangible fixed assets {continuedl Company Long-term Freehold leasehold property property Motor Fixtures Computer vehicles and fittings equipment Total Cost or valuatlon At I September 2023 (as restated) Additions 33,947,473 335,875 1,027,711 180,679 3,928,931 64,640 227,817 937,403 40.022,197 628,332 At 31 August 2024 34,283,348 1.027.711 245,319 4,156,748 937,403 40,650,529 Depreciation At 1 September 2023 las reslatedl Charge for the year 7,807.799 679,343 559,934 42,379 133,096 2.071,358 18,240 317,720 853,104 11,425,291 28,337 1,086,019 At 31 August 2024 8,487,142 602,313 151,336 2,389,078 881,441 12.511,310 Net book value At 31 August 2024 25.796,206 425,398 93,983 1,767.670 55,962 28,139,219 At 31 August 2023 26,139.674 467.777 47.583 1,857,573 84.299 28.596,906 The land and buildings were transferred from the old Charity and valued on 1 September 2006 by Mather Jamie, Chartered Surveyors, Loughborough, Leiceslershire. This valuation will not be updated as it has been adopted as the historical cost. Ratcliffe Enterpris8s Limited, a subsidiary of the Charity, sold the all weather pilch to Ratcliffe College at a historical profil of £67, 552. This extra cost is reflected in the Charity fixed asset figures bul is eliminated in the group fixed assets. Page 42 RATCLIFFE COLLEGE {A company limited by guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 16. Fixed asset investments Listed investments Group Cost or valuation At 1 September 2023 Disposals Revaluations 1,749.534 17.315} 213,814 At 31 August 2024 1,956,033 Net book value Al 31 August 2024 1,956.033 At 31 August 2023 1,749.534 Investments in subsidiary Listed companies investments Total Company Cost or valuation At 1 September 2023 Disposals Revaluations 1.749.534 17,315) 213,814 1,749,537 17,3151 213.814 At 31 August 2024 1,956,033 1.956,036 Net book value At 31 August 2024 1,956,033 1,956.036 At 31 August 2Q23 1,749,534 1,749.537 The historical c051 of the listed investments is £1,819,49412023.' £1,751.165}. The following are greater than 5010 of the market value of the listed investments.. Handelsbanken Balanced Mulli Asset Fund C £698,344 {2023'. £626,314) Handelsbanken Income Plus Multi Asset Fund C £1,007,95312023.' £884,378} Page 43 RATCLIFFE COLLEGE {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 17. Stocks Group 2024 Group 2023 Company 2024 Company 2023 Finished go¢xls 61,518 97.363 61,518 97,363 18. Debtors Group 2024 Group 2023 Company 2024 Company 2023 Due within one year Trade debtors Amounts owed by connected charity Amounts owed by group undertakings Other debtors Prepayments and accrued income 270,424 37,749 273.249 66,311 260,727 37,749 24,822 76,875 209,896 268.420 66,311 80.941 209,896 25,005 246,048 25.005 236.891 599,010 610,613 610.069 596,627 19. Current asset Investments Group 2024 Group 2023 Company 2024 Company 2023 Short term deposils 1,000,000 750,000 1.000,000 750,000 Page 44 RATCLIFFE COLLEGE IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 20. Creditors: Amounts falling due within one year Group Group 2023 2024 As restated Company Company 2023 2024 As restated Bank loans 527.062 220,650 350,584 2,524,537 499,696 138,643 472,272 1,744,831 527,062 220,650 342,117 2,524,537 499,696 138,643 472,272 1,744,831 6.337 182,573 468,499 159,537 Pupil deposits Trade creditors Fees in advance Amounts owed to group companies other laxalion and social security Other creditors Accruals and deferred income 186,838 418,915 75,511 182,574 468,685 164,833 186,837 418,472 67,324 4,304,097 3.671.534 4,286,999 3,672,388 Group 2024 Group 2023 Company 2024 Company 2023 Deferred income at 1 September 2023 Resources deferred during the year Amounts released from previous periods 1,744,831 1,750,888 1,744,831 1,750,888 {1,744,8311 (1,750,888) 11 ,744,8311 (1,750,888) 3,305,963 1,744.831 3,305,963 1,744,831 3,305,963 1,744,831 3,305,963 1,744,831 Deferred income relates to fees received in advance for future school years. Page 45 RATCLIFFE COLLEGE IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 21. Creditors: Amounts falling due after more than one year Group Group 2023 2024 As restated Company Company 2023 2024 As restated Bank loans Fees in advance Fee deposits 3,302.338 781,426 563,386 3,829,758 3,302,338 781.426 563,386 3,829,758 498,572 498,572 4,647,150 4,328,330 4,647,150 4,328,330 Included within the above are amounts falling due as follows: Group 2024 Group 2023 Company 2024 Company 2023 Between one and two years Bank loans 548.355 517,480 548,355 517,480 Between two and five years Bank loans 1,359,207 1,474,182 1,359,207 1,474,182 Over five years Bank loans 1.394,776 1,838.096 1,394,776 1,838,096 The aggregate amount of liabi15ties payable or repayable wholly or in part more than five years after the reporting date is.. Group 2024 GTOUP 2023 Company 2024 Company 2023 Payable or repayable by instalments 1,394,776 1,838,096 1,394,776 1,838,096 1,394,776 1,838,096 1.394,776 1,838,096 The School and Group had three bank loans outstanding at the year-end. The first bank loan expires in 2030 and the interest rale is set at 2.050/0 above the bank base rate. At the year end £1,532,226 is included in credilors12023.' £1.749,448). The second bank loan outstanding relates lo the Coronavirus Bijsiness Interruption Loan Scheme ICBILSI. This loan expires in 2027 and the interest rale is set at 2.090/0 above the bank base rate. At the year end £549,999 is included in creditors (2023- £749,999}. The third bank loan outstanding was obtained to assist with the development of the English Language Centre. This loan expires in 2037 and the interest rate is set at 2.05 % abov& the bank base rate. At the year end £1,747.175 is included in creditors12023'. £1,830,007). All of the above bank loans are secured by charges over the freehold properties known as: li) Ratcliffe College Farm and lill Land and Buildings at Ralcliffe College. Page 46 RATCLIFFE COLLEGE IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 22. Statement of funds ststement of funds - current year Balance at 1 September 2023 As restated Balance at 31 August 2024 Gainsl {Losses} Income Expendlture Unrestricted funds Designated funds 6th Form Bursary fund Bursary fund 33,949 24,645 18,4871 16,161} 25,462 18,484 58,594 114,648) 43,946 General funds General funds 25,543,809 16,487,952 (16,504,236} 188,446 25.715,971 Total Unrestricted funds 25,602,403 16,487,952 116,518,884) 188,446 25,759,917 Restricted funds Peter Daley Fund Birch Legacy For Scholarships Black Legacy For Scholarships Other Funds Ukraine Appeal Foundation Projects Foundation Bursaries 1847 Bursary Fund LibraryAppeal Gift of Education 40,421 295,686 4,207 77.129 63,460 12,051 3,016 23,408 4,381 62 1,143 110,105) {1,9881 1281 (519} 127,486) 119,4391 139,1931 122,4951 53,724 317,974 4.524 82.943 35,974 11,744 19,895 283 5,190 19,132 36,177 22,495 52,188 36,663 52,188 36,663 495.970 195,649 (121,2531 25.368 595,734 Total of funds 26.098,373 16,683,601 {16.640,1371 213,814 26,355,651 Page 47 RATCLIFFE COLLEGE {A company limited by guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 22. Statement of funds Icontinuedl Statement of funds - prior year Balance at 1 September 2022 As restated Balance at 31 August Gainsl 2023 {Lossesl As restated Transfers Inlout Income Expenditure Unrestrlcted funds Designated funds 6th Form Bursary fund Bursary fund 18,4871 {6,162) 42,436 30,807 33,949 24,645 114.6491 73,243 58,594 General funds General funds 25,803,529 15,085,757 115,170,1221 173,243} (102,1121 25,543,809 Total Unrestricted funds 25,803,529 15.085.757 115,184,771) (102,112) 25,602,403 Restrlcted funds Peter Daley Fund Birch Legacy for Scholarships Black Legacy for Scholarships other Funds 50,526 32.408 (42.513) 40,421 289.085 3.813 11,666) 4.454 295,686 4,114 75,407 80,605 33,999 54 1241 (4341 169,243} 161.422) 63 1,162 4,207 77,129 63.460 12,051 994 Ukraine Appeal Foundation projects Foundation Bursaries 52,098 39,474 24,138 21,725 {21,1221 {21,7251 3.016 1847 Bursary Fund 533,736 174,704 {218,149} 5,679 495,970 Total of funds 26,337.265 15.260,461 115,402.920) (96,433} 26,098.373 Page 48 RATCLIFFE COLLEGE IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 22. Statement of funds {contlnuedl Peter Daley fund is in relation lo monies received from Peter daley towards bursaries and support of Ratcliffe College Students. BirGh Legacy for Scholarships, Black Legacy for Scholarships and Other Funds are historical legacies received towards scholarships. Ukraine Appeal is in relation to monie5 for the provision of support for Ukrainian refugees. Foundation Projects are monies raised on small and mid sized projects by Ihe Foundation. 1847 Bursary fund are monies relating to the relevant bursaries. Library Appeal is an appeal that was launched to raise £50.OOQ to support the new-look Emery Library, opened in September 2024. Gift of Education launched in 2023. 11 is a five-year bursary campaign with the goal of raising £1 million to support twenty seven students to study for years at Ratcliffe's sixth form. 23. Summary of funds Summary of funds- current year Balance at 1 September 2023 As restated Balance at Gainsl 31 August {Lossesl 2024 Income Expenditure Designated funds General funds Restricted funds 58,594 114,648) 25,543,809 16,487,952 (16,504,236) 495.970 195,649 1121.2531 43,946 188,448 25,715,971 25.368 595,734 26,098.373 16,683,601 {16,640,1371 213,814 26.355,651 Summary of funds . prior year Balance at 1 September 2022 As restated Balance at 31 August 2023 Transfers inlout Gainsl (Losses) Income Expendlture Designated funds General funds Restricted funds (14,6491 25,803,529 15,085,757 115,170,122) 533,736 174,704 (218.1491 73,243 173,2431 58.594 (102,112) 25,543,809 5,679 495,970 26,337,265 15,260,461 115.402.9201 196,4331 26,098.373 Page 49 RATCLIFFE COLLEGE {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 24. Analysis of net assets be￿een funds Analysis of net assets between funds - current period Unrestricted Restricted funds funds 2024 2024 Total funds 2024 Tangible fixed assets Fixed asset investments Current assets Creditors due within one year Creditors due in more than one year 28.072,430 1,706,294 4.932,440 {4,304,097) 14,647,150) 28,072,430 1,956,033 5,278,435 14,304,097) 14,847,150) 249.739 345,995 Total 25.759,917 595.734 26,355.651 Analysis of net assets between funds- prior period Unrestricted Restricted Total funds funds funds 2023 2023 2023 As restated As restated As restated Tangible fixed assets Fixed asset investments Currenl assets Creditors due within one year Creditors due in more than one year 28,529,355 1,522,845 3.550,067 13,671,534) 14,328,330} 28,529,355 1,749,537 3,819,345 (3,671,534) {4,328,330} 226,692 269,278 Total 25,602.403 495,970 26,098,373 Page 50 RATCLIFFE COLLEGE IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 25. Reconciliation of net movement In funds to net Gash flow from operating activities Group Group 2023 2024 As restated Net incomelexpenditure for the period las per Statement of Financial Aclivilies) 257,278 {238,892) Adjustments for: Depreciation charges {Gain5lllosses on investments Dividends, interests and rents from investments Finance costs Decreasel{increasel in stocks Decreasel(increase} in debtors Increasel{decrease} in creditors 1,086,135 1213,8141 141,4211 320,174 35,845 11,624 1,451,416 1,061,381 96,433 (65,607) 221.869 {9.5741 {52,9941 1566,8781 Net cash provided by operating activities 2,907,237 445,738 26. Analysis of cash and cash equivalents Group 2024 Group 2023 Cash in hand Cash held for investment Short term deposits 3.617,907 7,636 1,000,000 2,361,369 21,065 750,000 Total cash and cash equivalents 4,625.543 3,132,434 Page 51 FiATCLIFFE COLLEGE IA company limited by guaTantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 27. Analysis of changes in net debt At1 September At31 2023 Cash flows August 2024 Cash at bank and in hand Debt due within 1 year Debt due after 1 year Liquid investments 2,361,369 (499,6961 13,829,758} 750.000 1,256,538 127.366) 527,420 250,000 3.617,907 (527,0621 13,302,338) 1,000,000 {1,218,0851 2,006,592 788,507 28. Pension schemes The parent charitable company's employees mainly belong to bmo principal pension schemes, the Teachers, Pension scheme and The Ralcliffe College GPP Scheme. The total pension contributions for the year wère.. 2024 2023 Teachers, Pension Scheme Scottish Vvidows Pension Scheme Aviva Pension Scheme 1,258,973 274,512 48,164 1.093,895 248,377 1,581,649 1.342,272 Contributions amounting to £189,386 were payable on 31 August 2024 12023.. £183,344) and are included within Creditors. Teachers. Pension Scherne The School participate in the Teachers, Pension Scheme I'the TPS") for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £1,258,973 {2023, £1,093,895) and at the year end £141,45712023'. £120,718) was accrued in respect of contributions to this scheme. The Teachers, Pension Scheme ITPSI is a statutory, ¢ontributory, defined benefit scheme, governed by the Teachers, Pension Scheme Regulations 2014 {as amended). Membership is automatic for all current teachers in the school. All teachers have Ihe option to opt-oul of the TPS following enrolment. The TPS is an unfunded multi-employer scheme to which both the member and employer makes contribution5, as a percentage of salary - these contribulions are credited tothe Exchequer. Retirement and other pension benefits are paid by public funds provided by the Parliament. Page 52 RATCLIFFE COLLEGE IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Valuatlon of the Teachers, Pension Scheme The Government Actuary, using normal actuarial principles, conducts a formal actuarial review of the TPS in accordance with the Public SeNice Pensions (Valuations and Employer Cost Capl Directions 2023 as published by HM Treasury. The aim of the review is lo specify the level of future contributions. Actuarial scheme valuations are dependent on assumption5 about the value of future costs, design of benefits and many other factors. The latest actuarial valuation of the TPS was carried out as al 31 March 2020. The valuation report was published by the Department for Education on 27 October 2023. The key elements of the valuation are subsequent consultation are.. employer contribution rates set at 28.68¢/o of pensionable pay (including a 0.080/0 administration levyl total scheme liabilities (pensions currently in payment and the estimated cost of future benefits} for service lo the effective dale of £262 billion and notional assets (estimated future contributions together with the notional investments held at the valuation datel of £222.2 billion, giving a notional past service deficit of £39.8 billion. the SCAPE rate. set by HMT, is used to determine the notional investment return. The current SCAPE rate is 1.70/0 above Ihe rate of CPI. A copy of the valuation report and supporting documentation is available on the website htlps.1lwww.leacherspensions.co.uklnewslernployers1202311 0lvaluation-resull.aspx The TPS is a mulli-employer pension scheme and as such cannot identrfy on a consistent and reasonable basis the share of the underlying assets and liabilities belonging to individual employers. Accordingly the parent charitable company, as required by FRS102, has accounted for its contribution as if it were a defined contribution scheme. 29. Operating lease commitments Al 31 August 2024 the Group and the Company had commitments to make future minimum lease payments under non-cancellable operating leases as follows.. Group 2024 Group 2023 Company 2024 Company 2023 Not later than 1 year Later than 1 year and not later than 5 years Latei than 5 years 126,329 297,986 201,330 114,020 123,881 126,329 297,988 201,330 114,020 123,881 625,645 237,901 625,645 237,901 The following lease payments have been recognised as an expense in the Statement of financial activities.. Group 2024 Group 2023 Company 2024 Company 2023 Operating lease rentals 114,020 44.762 114,020 44,762 Page 53 RATCLIFFE COLLEGE {A company Ilmlted by guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 30. Related party transactions The Institute of Charity (Charity number.. 2225081 and Grace Dieu Manor School {Charity number.. 11159761 are considered to be connected to the main Charity because they have.. 1) Common, parallel or relaled objects and aclivilies,. and 2) Common control. During the year a donation of £171,679 {2023'. £156,071) was paid to The Institute of Charity (IOCI. Also paid to Ihe IOC during the year was a contribution towards costs in relation to Father President, this lotalled £30,00012023. £22,323). The college made no purchases from the IOC in the y8ar12023: £300). A donation under Gift Aid of £28.211 was made to Ratcliffe College by Ratcliffe Enterprises Limited 12023.. £14,406) and income of £18.216 {2023'. £29,557) was received by Ralcliffe College in respect of various expense recharges. £68,329 {2023'. £62,930) was paid to Ratcliffe Enterprises for boarders commission. At the year end £24,822 was due to Ralcliffe College from Ratcliffe Enterprises. As al 31 August 2023 the IOC owed Ratcliffe College £66,311 in respect of expenses incurred on their behalf. Further lo this, Ratcliffe College loaned amounts totalling £5,358 to assist with the fixed costs Grace Dieu was still liable for following the cessation of ils trade in summer 2020. A paymenl of £30,000 was further remilled lo IOC in September 23. There is a balance of £37.749 included within debtors as at 31 August 2024 in respect of these transactions. Ratcliffe College contributed lo the cost of the Rosmini Centre and Church for the IOC, which are typically occupied by the priests from the IOC. The total contribution paid in the year was £42,781 12023.. £37,681). Ratcliffe College pay for the upkeep of the Rosmini Centre and Church, which are typicalty occupied by Ihe pri8Sts from the IOC. Archiving costs are incurred as the priests look after and maintain old records for the school. These are historic costs incurred year-on-year and are authorised in line wrth normal transaclions. 3 Governors12023. 4 Governors) have childrenlgrand children who attended the school in the year. All Governors paid the same fees as other parentslgrandparents. 31. Prior year restatement The prior year figures have been reslaled to reclassify the Rosmini Centre from investment property lo freehold land and buildings, reducing investment property and the revaluation reserve from £1,100,000 and £473,000 respectively to £nil. An additional cost of £627,000, accumulated depreciation of £200,640 and depreciation charge of £12,540 have been included in the prior year figures. This has reduced prioT year reserves by £213,180, with a further depreciation charge of £12,540 going through the current year Statement of financial activities. Page 54 RATCLIFFE COLLEGE IA company limited by guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 32. Principal subsidiaries The following was a subsidiary undertaking of the Company.. Name Company number Principal activity Holding Included in consolidation Ralcliffe Enterprises Limited 02707219 Provision of summer school and conference facilities for organisations and individuals using the facilities of Ratcliffe College. along with the college tuck shop and school shops 100°/ Yes The financial results of the subsidiary for the year were. Name Income Expenditure ProfitllLoss) I Surplusl (Deficit) for the year Net assets Ratcliffe Enterprises Limited 103.787 95,938 7,849 7,852 Page 55