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2020-08-31-accounts

Registered number: 05902325 Charity number: 1119139

ST JOSEPH'S CONVENT PREPARATORY SCHOOL GRAVESEND

(A Company Limited by Guarantee) TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

ST JOSEPH'S CONVENT PREPARATORY SCHOOL GRAVESEND

(A Company Limited by Guarantee)

CONTENTS

Page
Reference and Administrative Details of the School, its Trustees and Advisers 1
Trustees' Report 2 - 4
Independent Auditors' Report on the Financial Statements 5 - 6
Statement of Financial Activities 7
Balance Sheet 8
Statement of Cash Flows 9
Notes to the Financial Statements 10 - 22

ST JOSEPH'S CONVENT PREPARATORY SCHOOL GRAVESEND

(A Company Limited by Guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE SCHOOL, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2020

Trustees G Thompson, Chair of Governors
Sister A O'Connell
Sister M Reilly
B Busfield
J McCarthy
B Ley
N Edwards
A Knight
M Doherty
S Lawless
C Stanley (resigned 2 September 2019)
Sister P Thomas (resigned 11 September 2019)

Company registered number 05902325 Charity registered number 1119139 Registered office 46 Old Road East Gravesend Kent DA12 1NR Independent auditors Hedley Dunk Limited Chartered Accountants and Statutory Auditors Trinity House 3 Bullace Lane Dartford Kent DA1 1BB

Page 1

ST JOSEPH'S CONVENT PREPARATORY SCHOOL GRAVESEND

(A Company Limited by Guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 AUGUST 2020

The Trustees present their annual report together with the audited financial statements of the School for the year 1 September 2019 to 31 August 2020. The Annual Report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).

Since the School qualifies as small under section 382 of the Companies Act 2006, the Strategic Report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.

Objectives and activities

On the 8 March 2021, the Chair of Governors of the school announced a proposal to close at the end of the summer term 2021, if additional funding for investment could not be found. On the 26 May 2021, the schools closure at the end of the summer term was confirmed to the public.

Policies and objectives

The principal objects of the Charity are to advance the Roman Catholic religion by the conduct of a Roman Catholic school and by the ancillary religious and educational activities for the benefit of the local community.

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.

Activities undertaken to achieve objectives

The Charity's objectives are achieved primarily through the operation of the St Joseph's Convent Preparatory School.

Grant-making policies

The Trustees advance Grants and Bursaries on an adhoc basis where it is believed benefit can be derived from the application of such relief's and where the provision of such amounts can assist in the furtherance of the Charity’s objectives.

Achievements and performance

Review of activities

In the year under review the school worked hard to continue to achieve excellent academic standards. Its high results particularly in the local grammar school selective tests (11+) continued with 100% of year six pupils also receiving their first choice in secondary schools.

During the recent Covid pandemic the school switched to an online learning platform, continuing to provide a high level of education for its pupils during the ongoing lockdown. All pupils received an online timetable and its core education was provided by the teachers, to the pupils.

Taking into account the school closure noted above, the Charity is satisfied with the financial reports generated in the year under review. The Trustees continued to develop the school whilst maintaining its professional teaching standards. This has included costs on professional development of the staff and significant amounts on necessary maintenance to the school’s site, which was required spend prior to the decision to close the school.

Page 2

ST JOSEPH'S CONVENT PREPARATORY SCHOOL GRAVESEND (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020

Financial review

Going concern

As noted earlier in the Trustees Report, the Governors of the school have announced that it will close at the end of the summer term 2021. However, the company will continue with run off activities for a number of months following the closure. Therefore these financial statements are presented on a going concern basis.

Reserves policy

The School seeks to maintain sufficient reserves to support a term’s operating costs, and to provide ongoing investment.

Structure, governance and management

Constitution

St Joseph's Convent Preparatory School Gravesend is registered as a charitable company limited by guarantee and was set up a Memorandum of Association on 10/08/2006. Charity Number 1119139.

Methods of appointment or election of Trustees

The management of the School is the responsibility of the Trustees, who are elected and co-opted under the terms of the Memorandum of Association.

Organisational structure and decision-making policies

The day-to-day running of the school is managed by the Head Teacher and the Senior Leadership team. Governance of the school is the responsibility of the Governing body, which operates through a network of sub committees in the areas of Finance and Marketing, Curriculum and Catholicity, Health and Safety and Safeguarding. Each Sub Committee meets from the 1 September at least once a term and reports to the full governing body, which also meets once a term, meetings were held virtually during the Covid-19 lockdowns.

Financial risk management

The Trustees have assessed the major risks to which the School is exposed, in particular those related to the operations and finances of the School, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.

Plans for future periods

On the 8 March 2021, the School announced that it was proposing to close at the end of the academic year, subject to staff consultation. One the 26 May 2021 the schools closure was publicly confirmed.

The school and its staff will continue to work hard for the pupils providing a full educational programme until the end of the academic year 31 August 2021.

Page 3

ST JOSEPH'S CONVENT PREPARATORY SCHOOL GRAVESEND (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020

Statement of Trustees' responsibilities

The Trustees (who are also the directors of the School for the purposes of company law) are responsible for preparing the Trustees' 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 statements 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 School and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the School's transactions and disclose with reasonable accuracy at any time the financial position of the School and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the School and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditors

Each of the persons who are Trustees at the time when this Trustees' Report is approved has confirmed that:

Auditors

The auditors, Hedley Dunk Limited, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.

Approved by order of the members of the board of Trustees and signed on their behalf by:

G Thompson Chair of Trustees

Date:

Page 4

ST JOSEPH'S CONVENT PREPARATORY SCHOOL GRAVESEND

(A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ST JOSEPH'S CONVENT PREPARATORY SCHOOL GRAVESEND

Opinion

We have audited the financial statements of St Joseph's Convent Preparatory School Gravesend (the 'charitable company') for the year ended 31 August 2020 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements 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 obtained is sufficient and appropriate to provide a basis for our opinion.

Material uncertainty related to going concern

We draw attention to note 2.2 in the financial statements, which indicates that the School announced that it was proposing to close at the end of the academic year ending 2021, subject to staff consultation. As stated in note 2.2, these events or conditions, along with the other matters as set forth in the note 2.2, indicate that a material uncertainty exists that may cast significant doubt on the charitable company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

Other information

The Trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditors' Report thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Page 5

ST JOSEPH'S CONVENT PREPARATORY SCHOOL GRAVESEND

(A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ST JOSEPH'S CONVENT PREPARATORY SCHOOL GRAVESEND (CONTINUED)

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

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 law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the 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 to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

Hedley Dunk Limited

Chartered Accountants and Statutory Auditors Trinity House 3 Bullace Lane Dartford Kent DA1 1BB

Date:

Hedley Dunk Limited are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

Page 6

ST JOSEPH'S CONVENT PREPARATORY SCHOOL GRAVESEND

(A Company Limited by Guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2020

Note
Income from:
Donations and legacies
3
Charitable activities
4
Other trading activities
5
Investments
6
Other income
7
Total income
Expenditure on:
Raising funds
Charitable activities
8
Total expenditure
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2020
£
-
755,501
12,419
953
65,041
833,914
4,533
1,016,329
1,020,862
(186,948)
151,832
(186,948)
(35,116)		 Total
funds
2020
£
-
755,501
12,419
953
65,041
833,914
4,533
1,016,329
1,020,862
(186,948)
151,832
(186,948)
(35,116)		 Total
funds
2019
£
300
810,598
11,185
2,050
11,054
835,187
4,563
1,018,250
1,022,813
(187,626)
339,458
(187,626)
151,832

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 10 to 22 form part of these financial statements.

Page 7

ST JOSEPH'S CONVENT PREPARATORY SCHOOL GRAVESEND

(A Company Limited by Guarantee)

BALANCE SHEET FOR THE YEAR ENDED 31 AUGUST 2020

Note
Fixed assets
Tangible assets
15
Current assets
Debtors
16
Cash at bank and in hand
Creditors: amounts falling due within one
year
17
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
18
Net liabilities / assets excluding pension
asset
Total net assets
Charity funds
Restricted funds
19
Unrestricted funds
19
Total funds		 97,390
403,841
501,231
(152,049)		 2020
£
65,703
65,703
349,182
414,885
(450,000)
(35,115)
(35,115)
-
(35,115)
(35,115)		 83,439
429,259
512,698
(149,372)		 2019
£
88,506
88,506
363,326
451,832
(300,000)
151,832
151,832
-
151,832
151,832

The entity was entitled to exemption from audit under section 477 of the Companies Act 2006.The members have not required the entity to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. However, an audit is required in accordance with section 144 of the Charities Act 2011.

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 have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

G Thompson Chair of Trustees

Date:

The notes on pages 10 to 22 form part of these financial statements.

Page 8

ST JOSEPH'S CONVENT PREPARATORY SCHOOL GRAVESEND

(A Company Limited by Guarantee)

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2020

Cash flows from operating activities
Net cash used in operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Net cash used in investing activities
Cash flows from financing activities
Cash inflows from new borrowing
Net cash provided by financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
The notes on pages 10 to 22 form part of these financial statements		 2020
£
(171,838)
(3,580)
(3,580)
150,000
150,000
(25,418)
429,259
403,841		 2019
£
(130,415)
(67,038)
(67,038)
250,000
250,000
52,547
376,712
429,259

Page 9

ST JOSEPH'S CONVENT PREPARATORY SCHOOL GRAVESEND

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

1. General information

St Joseph's Convent Preparatory School is a charitable private limited company, limited by guarantee registered and incorporated in the United Kingdom. It's registered office is 46 Old Road East, Gravesend, Kent, DA12 1NR, which is also the principal place of the business. The principal activities are set out in the Trustees report.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

St Joseph's Convent Preparatory School Gravesend meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

2.2 Going concern

On the 8 March 2021, the School announced that it was proposing to close at the end due of the academic year, subject to staff consultation, due to a need for long term investment which had not secured at the date of the announcement. The school and its staff continued to work hard for the pupils providing a full educational programme until the end of the academic year. The Company will continue with run off activities after the closure of the school. For this reason these financial statements are presented on a going concern basis.

2.3 Income

All income is recognised once the School has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

2.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which 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 consistent with 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 raising funds includes all expenditure incurred by the School to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Page 10

ST JOSEPH'S CONVENT PREPARATORY SCHOOL GRAVESEND

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

2. Accounting policies (continued)

2.4 Expenditure (continued)

Expenditure on charitable activities is incurred on directly undertaking the activities which further the School's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

2.5 Government grants

Government grants relating to tangible fixed assets are treated as deferred income and released to the Statement of Financial Activities over the expected useful lives of the assets concerned. Other grants are credited to the Statement of Financial Activities as the related expenditure is incurred.

2.6 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the School; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

2.7 Tangible fixed assets and depreciation

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Long-term leasehold property - 20%
Plant and machinery - 20%
Motor vehicles - 20%
Fixtures and fittings - 20%

2.8 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.9 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Page 11

ST JOSEPH'S CONVENT PREPARATORY SCHOOL GRAVESEND

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

2. Accounting policies (continued)

2.10 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 settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the School anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost.

2.11 Financial instruments

The School only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.12 Operating leases

Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the lease term.

2.13 Pensions

The School operates a defined contribution pension scheme and the pension charge represents the amounts payable by the School to the fund in respect of the year.

The School also operates a Teachers Pension Fund scheme and the teaching pension charge represents the amounts payable by the School to the fund in respect of the year.

2.14 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 School 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.

Investment income, gains and losses are allocated to the appropriate fund.

Page 12

ST JOSEPH'S CONVENT PREPARATORY SCHOOL GRAVESEND

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

3. Income from donations and legacies

Donations
4.
Income from charitable activities
Educational Activities
5.
Income from other trading activities
Income from fundraising events
Fundraising events
6.
Investment income
Bank Interest		 Unrestricted
funds
2020
£
-
Unrestricted
funds
2020
£
755,501
Unrestricted
funds
2020
£
12,419
Unrestricted
funds
2020
£
953		 Total
funds
2020
£
-
Total
funds
2020
£
755,501
Total
funds
2020
£
12,419
Total
funds
2020
£
953		 Total
funds
2019
£
300
Total
funds
2019
£
810,598
Total
funds
2019
£
11,185
Total
funds
2019
£
2,050

Page 13

ST JOSEPH'S CONVENT PREPARATORY SCHOOL GRAVESEND

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

7. Other incoming resources

Hire of swimming pool and hall
Job Retention Scheme Grant
Total 2020		 Unrestricted
funds
2020
£
3,280
61,761
65,041		 Total
funds
2020
£
3,280
61,761
65,041		 Total
funds
2019
£
11,054
-
11,054

8. Analysis of expenditure on charitable activities

Summary by fund type

Unrestricted Total Total
funds funds funds
2020 2020 2019
£ £ £
Educational Activities 1,016,329 1,016,329 1,018,250

9. Analysis of expenditure by activities

Activities
undertaken Support Total Total
directly costs funds funds
2020 2020 2020 2019
£ £ £ £
Educational Activities 873,793 142,536 1,016,329 1,018,250

Page 14

ST JOSEPH'S CONVENT PREPARATORY SCHOOL GRAVESEND

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

9. Analysis of expenditure by activities (continued)

Analysis of direct costs

Staff costs
Depreciation
Educational Purchases
Ofsted Inspection Costs
Operating Lease Costs
Rates
Repairs And Maintenance
Insurance
Light And Heat
Telephone
Printing, Postage And Stationery
Legal And Professional
Subscriptions
Other Office Expenses
ICT Expenditure
Bad Debts
Advertising
Training
Governance costs
Total 2020		 Educational
Activities
2020
£
558,318
26,384
45,939
4,534
57,023
8,335
56,280
8,945
20,832
2,272
10,341
12,311
11,317
3,290
6,333
23,141
16,558
1,599
41
873,793		 Total
funds
2020
£
558,318
26,384
45,939
4,534
57,023
8,335
56,280
8,945
20,832
2,272
10,341
12,311
11,317
3,290
6,333
23,141
16,558
1,599
41
873,793		 Total
funds
2019
£
537,850
29,060
71,193
1,615
58,284
9,725
57,155
3,975
28,826
2,581
9,744
10,718
9,769
5,527
19,079
(1,997)
23,507
2,606
-
879,217

Analysis of support costs

Staff costs
Governance costs
Total 2020		 Educational
Activities
2020
£
138,096
4,440
142,536		 Total
funds
2020
£
138,096
4,440
142,536		 Total
funds
2019
£
134,833
4,200
139,033

Page 15

ST JOSEPH'S CONVENT PREPARATORY SCHOOL GRAVESEND

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

10. Auditors' remuneration

2020 2019
£ £
Fees payable to the School's auditor for the audit of the School's annual
accounts 3,000 3,000
Fees payable to the School's auditor in respect of:
All non-audit services not included above 1,440 1,200

11. Staff costs

Wages and salaries
Social security costs
Contribution to defined contribution pension schemes		 2020
£
564,823
44,937
86,653
696,413		 2019
£
571,600
44,081
57,001
672,682

The average number of persons employed by the School during the year was as follows:

Teaching Staff
Teaching support staff
Support staff
Administration staff		 2020
No.
13
9
12
4
38		 2019
No.
13
8
12
4
37

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

2020 2019
No. No.
In the band £60,001 - £70,000 1 1

12. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2019 - £NIL).

During the year ended 31 August 2020, no Trustee expenses have been incurred (2019 - £NIL).

Page 16

ST JOSEPH'S CONVENT PREPARATORY SCHOOL GRAVESEND

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

13. Pension commitments

The School operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the School in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £6,443 (2019: £5,473).

The School operates a Teachers Pension Fund which is underwritten by the Government. Contributions of £80,210 (2019: £51,528) were paid in to the Teachers Pension Fund. Contributions of £8,684 (2019: £6,659) were payable to the fund at the balance sheet date and are included in creditors.

14. Operating lease commitments

At 31 August 2020 the School had commitments to make future minimum lease payments under noncancellable operating leases as follows:

Not later than 1 year
Later than 1 year and not later than 5 years		 2020
£
55,576
2,072
57,648		 2019
£
56,516
54,540
111,056

15. Tangible fixed assets

Cost or valuation
At 1 September 2019
Additions
At 31 August 2020
Depreciation
At 1 September 2019
Charge for the year
At 31 August 2020
Net book value
At 31 August 2020
At 31 August 2019		 Long-term
leasehold
property
£
236,884
1,195
238,079
166,735
17,043
183,778
54,301
70,149		 Plant and
machinery
£
41,712
-
41,712
31,845
6,162
38,007
3,705
9,867		 Motor
vehicles
£
15,045
-
15,045
15,045
-
15,045
-
-		 Fixtures and
fittings
£
135,564
2,386
137,950
127,075
3,179
130,254
7,696
8,490		 Total
£
429,205
3,581
432,786
340,700
26,384
367,084
65,702
88,506

Page 17

ST JOSEPH'S CONVENT PREPARATORY SCHOOL GRAVESEND

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

16. Debtors

Due within one year
Trade debtors
Prepayments and accrued income		 2020
£
63,610
33,780
97,390		 2019
£
64,370
19,069
83,439

17. Creditors: Amounts falling due within one year

Trade creditors
Other taxation and social security
Pension fund loan payable
Other creditors
Accruals and deferred income		 2020
£
13,617
15,830
8,553
53,800
60,249
152,049		 2019
£
9,402
14,281
6,273
55,300
64,116
149,372

18. Creditors: Amounts falling due after more than one year

Other loans
Other creditors		 2020
£
50,000
400,000
450,000		 2019
£
-
300,000
300,000

Page 18

ST JOSEPH'S CONVENT PREPARATORY SCHOOL GRAVESEND

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

19. Statement of funds

Statement of funds - current year

Unrestricted funds
Designated funds
PTA funds (Minibus)
PTA Funds
Children's collections
General funds
General Funds - all funds
Total Unrestricted funds
Statement of funds - prior year
Unrestricted funds
Designated funds
PTA funds (Minibus)
PTA Funds
Children's collections
General funds
General Funds - all funds
Total Unrestricted funds		 Balance at 1
September
2019
£
6,849
12,827
4,261
23,937
127,895
151,832
Balance at
1 September
2018
£
6,849
12,730
2,566
22,145
317,313
339,458		 Income
£
-
3,373
1,439
4,812
829,103
833,915
Income
£
-
4,020
2,335
6,355
828,832
835,187		 Expenditure
£
-
(2,526)
(2,007)
(4,533)
(1,016,329)
(1,020,862)
Expenditure
£
-
(3,923)
(640)
(4,563)
(1,018,250)
(1,022,813)		 Balance at
31 August
2020
£
6,849
13,674
3,693
24,216
(59,331)
(35,115)
Balance at
31 August
2019
£
6,849
12,827
4,261
23,937
127,895
151,832

Page 19

ST JOSEPH'S CONVENT PREPARATORY SCHOOL GRAVESEND

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

20. Summary of funds

Summary of funds - current year

Designated funds
General funds
Summary of funds - prior year
Designated funds
General funds		 Balance at 1
September
2019
£
23,937
127,895
151,832
Balance at
1 September
2018
£
22,145
317,313
339,458		 Income
£
4,812
829,103
833,915
Income
£
6,355
828,832
835,187		 Expenditure
£
(4,533)
(1,016,329)
(1,020,862)
Expenditure
£
(4,563)
(1,018,250)
(1,022,813)		 Balance at
31 August
2020
£
24,216
(59,331)
(35,115)
Balance at
31 August
2019
£
23,937
127,895
151,832

21. Analysis of net assets between funds

Analysis of net assets between funds - current period

Tangible fixed assets
Current assets
Creditors due within one year
Creditors due in more than one year
Total		 Unrestricted
funds
2020
£
65,703
509,610
(160,428)
(450,000)
(35,115)		 Total
funds
2020
£
65,703
509,610
(160,428)
(450,000)
(35,115)

Page 20

ST JOSEPH'S CONVENT PREPARATORY SCHOOL GRAVESEND

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

21. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior period

Tangible fixed assets
Current assets
Creditors due within one year
Creditors due in more than one year
Total		 Unrestricted
funds
2019
£
88,506
512,698
(149,372)
(300,000)
151,832		 Total
funds
2019
£
88,506
512,698
(149,372)
(300,000)
151,832

22. Reconciliation of net movement in funds to net cash flow from operating activities

Net expenditure for the period (as per Statement of Financial Activities)
Adjustments for:
Depreciation charges
Increase in debtors
Increase in creditors
Net cash used in operating activities		 2020
£
(186,948)
26,384
(22,330)
11,056
(171,838)		 2019
£
(187,626)
29,060
(3,811)
31,962
(130,415)

23. Analysis of cash and cash equivalents

Cash in hand
Notice deposits (less than 3 months)
Total cash and cash equivalents		 2020
£
269,836
134,005
403,841		 2019
£
171,009
258,250
429,259

Page 21

ST JOSEPH'S CONVENT PREPARATORY SCHOOL GRAVESEND

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

24. Analysis of changes in net debt

Cash at bank and in hand
Debt due within 1 year
Debt due after 1 year		 At 1
September
2019
£
429,259
(6,273)
-
422,986		 Cash flows
£
(25,418)
(2,280)
(50,000)
(77,698)		 At 31 August
2020
£
403,841
(8,553)
(50,000)
345,288

25. Related party transactions

There were no related party transactions during the year

26. Post balance sheet events

On the 8 March 2021, the School announced that it was proposing to close at the end of the academic year, subject to staff consultation. The school and its staff will continue to work hard for the pupils providing a full educational programme until the end of the academic year. The Company will continue with run off activities after the closure of the school. For this reason these financial statements are presented on a going concern basis.

Page 22