Registered number.. 05902325 Charity number: 1119139 ST JOSEPH'S CONVENT PREPARATORY SCHOOL GRAVESEND IA Company Limited by Guarantee) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 AB80668Z 0210912D22 COMPANIES HOUSE A12
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HEDLEY DUNK LIMITED Chartered Accountants & Statutory Auditor Trinrty House House 3 Bullace Lane Dartford Kent DA1 188
ST JOSEPH'S CONVENT PREPARATORY SCHOOL GRAVESEND IA Company Limited by GardtI ONTENTS Page Reference and AdmSni$trative Dètsil$ ofthe Sehool. its Trnstees •nd Advlsers Trustee$. Rtport Indèpendent Auditors. Report on the Financial Statements ststement of Finan¢ial Activili¢$ Balance Sh¥gt Statemènt of Cash Flows 10 Not•s to th• Financlal Ststements
ST JOSEPH'S C014VENT PREPARATORY SCHOOL GRAVESEND {A Company Limited by Guaranteel REFERENCE AND ADMINISTRATIVE DETAILS OF THE SCHOOL. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENOED 31ST AUGUST 2021 Tru$teès G Thompson. Chair of Governors Sister A O'connell (resigned 31st Augusl 20211 Sister M Reily Ifestgned 31st Auyu$t 2021) B Bu5field J Mccarthy 8Ley N Edwards A Knight M Doherty S UwAess Company registered number 05902325 harity règistèred numbor 1119139 Registered office 46 Old Road Easl Gravesend Kent DA12 1NR Independent audltors Hedley Dunk Limited Chartered Accountants and Statutory Audiiors Tnnity House 3 Bullace Lane Dartford Kent DAI 1BB Page 1
ST JOSEptrfs CONVENT PREPARATORY SCHOOL GRAVESEND IA Company Limited by Guarantee) TRUSTEES. REPORT FOR THE YEAR ENOED 31ST AUGUST 2021 The Trustees pTrsenl t1r annual rèport together wrth Ihe audrted finanaal statements of the School for the 1 st Septernber 2020 t¢ 31sl August 2021. The AnnLFal Report serves the purposes ol bolh a Trustees. rèport and a directors. re5)ort under company law. The Trustees confirm that the Annual Report and financial statements ol the charitable company cornp wrth the current slalutory requirements. Ihe reqyirernents of the tharitable companws governing document and the provisions of the Slatement of Recofflrnended Practice ISORPI applicable to charities preparing their accounts in acwrdance wrth thè Finaftcial Reporting Slandard applicable in the UK and Republic of Ifeland IFRS1021 {effecl¢ve 1 January 20191. Since the School qualifies as small under se¢hon 382 of the C¢fflpanies Act 20c6. the Strategic Report required of mediurn and large Companie5 under the Companies Act 20 (Strategic Report and D("reclors' Report) Regulab"¢>n$ 2013 has been omitted. Oble¢tiv•$ and a¢tivitl•s On the 8th March 2021. the Chair of Govemors of Ihe school anTh)uneed a proposal lo close at the end of the Summer Term 2021, il additional lunding for investmenl could not be found. On Ihe 26th May 2021. the sch¢)01's closure al the end of the Summer Term was confirmed to the public and the school formally closed on 31st Au9USt 2021. The Charrty is now in run off as rt seeks 1¢ collect outstanding debts. Poli¢ies and objective Prior to the dosure of ihe 5¢hool 31st August 2021. the w"nupal objects of thè Charity were to advance the Roman Catholic religion by the conduct of a Roman Catholic school and by the ancillary religious and educaiional activities lor the benefit of the local community. In prior years, when setling objectives and planning for actiwlie5. the Trvstees gave duè consideration to general guidance published by the Charity Comrni55i9n relating to public benefrt. induding the guidance 'Public benefil.. runnin9 a tharity IPB21'. Activities undertaken to achieve objective$ The Charrtl5 objective5 were athEved primarily Ihrough the opewatton of the St Joseph's Convent Preparatory School. Grant4akIng poli¢ies In prior years the Trustee$ advanced Granls ancl Butsaries an ad hoc basis where il wa5 believed ben?fil could be derived from the applration of suth relief and where the provision of such amounts a5515t irn the furtherance of the Charilvs obieclive$. A¢hievernents and perfomian¢• Review of a¢tivities On the 8th March 2021, the school announced Ihal il was proposing to dose al the end of the academic year. subject to slaff consultation. Sadly. the school closed it5 doors for the final lime on the 31st Augvst 2021. The staff worked hard in ils ftnal year lo ensure Ihai its hi9h standards and Èducatsonal values were maintained. Its cUrrluM continued during the ongoirvJ Covid pandemic Mth the school c>Jntinurng wilh lis online leaming platform, to provide a high level of edu¢ation for its pupils ¢Juring the ongoing lockdown. Al pupils received a online timeiable and rts core edu¢atson was provide(J. by the teachers to all pupils. The Charity is satisfied Mth the financial feports generaied n Ihe L¥rrent year. Page 2
ST JOSEPH'S CONVENT PREPARATORY SCHOOL GIIAVESEND {A Company Limittd by Guarnnteel TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31ST AUGUST 2021 Achlevements and performance Icontinuedl Flnanclal review Golng concem As nctted earlier in the Truslees Report. the Governors of the school announced the offiial closure of the school on 31st August 2021. However, the company will cOnte wilh run off actiwlies for a minimum of 12 months following the closure. Therefore Ihese financial stalemenis are presented on a basss other than thal of Ihe going n¢ern. Resèrvès pollcy The Sthtstsl seeks to maintain sufflcident ffjserves to meet liabilitS as they fall due during the run off ol the Company. Structure, governance and management Constltulion St Joseph's Convent Preparalory School Gravesend ts regislered as a tharilable cornpany hmited by guarantee and was set up a Memorandum of Assooalion on 10108r2006. Charity Number 1119139. Method$ of appolnlm•nt or ele¢tion of Trust¢¢s In the year under review. the management of Ihe school was the SponsIbl1 ol the Trustees, who are elecled and co-optelj under Ihe terrns of the Memorandum ofAssoryation. Organisational structure and decision•making policies The daY-tdaY running of the Scho was managed by the Head Teacher and the Senior Leadership team. Governance of the school was the responsibdty ol the Goveming body, which operates through a network of sub committees in the areas of Finance and Marketing. Curriculum and Calholicily. Health and Safety and Safeguarding. Each Sub Committee mel fiom the 1 September at least once a tem and reported to the lull governing t)ody. which also met once a terrTY while the School was operational and ¢oniinues tc) meet regularly as the School runs ofl its r¢mainin9 ass¢is and IKabilitiès. Mee.[j$ were held virtualty during the Covi&19 lothdowns. Financial risk managemènt The Trustees have assessed the major risks lo which the Company is exposed. in particular those related lo the operati()ns and finance5 of ihe Company. and ale satisfd that systems and procedures are in place lo mitigate exposure to the major risks. Pl•ns for future period$ On the 31st August 2021, the Sthool offirialty dosed and thè property and remaining assets w¢rè relurned to the owners, The Sisters of Mercy. Hillside Drive. The Company will conlinue with njn off acts"¥ities lor a minimum ol Iwelve monlhs to ensure that all Company and financial ie5ponsibilrties are met. Page 3
ST JOSEPH'S CONVENT PREPARATORY SCHOOL GRAVESEND IA Company Limited by Guarantsel TRUSTEES. REPORT ICOMTINUEDI FOR THE YEAR ENDED 31ST AUGUST 2021 Statement of Trustees. responsibililies The Trustees (who are also the ¢Jirectors of the School for the purposes of company Lawl are responsble for preparing (he Trustees. Report and the finaneial statements in accordance wtlh applicable law and United Kingdom AccjnÉITrj Standafds (Unrted knngdom Gener*ly Accepted Accounting Practice). Company law rèquires the Trustees to prèpare finanaal statements for each financial . Under company law, the Trustees must not approve the financial statements unless they are satisfied thal they give a true and lair view of the stale of affairs of the School and of ils incoming resources and application of resources, including ils incom$ and expenditure. for that period. In preparing these financial statement5. the Trustees are requsred lo." sele¢l suitable accounting polirits and then apY them consistentty-, observe the melhods and principles of the Charities SORP IFRS 1021.. make judgments and awunting esb"mates that are reasonable and pwdenl., state whether applicable UK Accounting Standards IFRS 102} have been folltswed. subject to any material deparlures disclosed and explained in the finarnoal staiements.. prèpare the finanrial 5talemenls on the wng cOnM basis unless it is inapproprlate to presume that the School will conlinue in business. The Trustees arè responsible lor keepiNJ adequate accouniing records that afe suffictent to show and explain the School's transactions and disclose with reasonable acraCY al any tine the finanual position of the School and enable Ihem to ensure Ihat the finanual slalements comply with the Companies Acl 2rx)6. They are also responsible for safeguarding the assets of the School and hence for taking reasonable $tÈps for thè prevention and dèle¢lion of fraud and other irregularities. Disck>sure of inlonnation to auditors Each of the person5 who are Trustees al the lime when thi$ Truslees, Repgrt 1$ approved has confirmed that.. so lar as that Trustee is aware. Ihere is no levan1 audil information of whith Ihe Charitys auditors ar¥ unaware. and thal Trustee has laken all the steps that ought lo have been taken a5 a Trustee in order lo be aware of any levant audil inlomiation and to eslabh.sh that the charws auditors are aware of that information. Auditors The auditor5. He(Iley Dunk kn"mited. have indicatsd thew wilkngness lo continue in office. The desigrrated TIu51ees will propose a molion reappoinb"NJ the audrtofs at a meeling of the Truslees_ Approved by order of the membefs of the board of Trustees and swned on their behall by.. Mrs A Kftight Chair of Finance Date. 30 August 2022
ST JOSEPH'S CONVENT PREPARATORY SCHOOL GRAVESEND {A Company Limited by Guaranteel IIIDEPENDENT AUOITORS. REPORT TO THE MEMBERS OF ST JOSEPH'S CONVENT PREPARATOR Y SCHOOL GRAVESENO Opinion We have audrted the financial statements of St Joseph's Conveni Preparatory S¢h¢)ol Gravesend Ithe'charitable company) for the year ended 31 August 2021 whth comprise the Statemènt of Financial Activities. the Balance Sheet, the Statement of Cash Fl¢)ws and the rel*ed notes, induding a summary ol significant accounling policie5. The financial reportin9 framework that has been 3pplied in their preparation is applicable law and United Kingdom Accounting Standards. induding Finanoal Reports"ng Standard 1(12 'The Finanaal Reporting Standard applicable in the UK and Republic of Ireland. (United lfjng¢Jom Generally Arp[ed Accounling Praclicel. In our opirnion the financial statements.. give a true and fair view of Ihe state of the charilable compan¥s affairs as at 31 August 2021 and of its incoming resources and appltiOn of resources. induding ils income and expetxlilure for the year then ènded.. have been propety prepared in accordance ¥th Unrted Iongdom Generalfy Accepted Accounting Practice.. and have been prepared in accordance wrth the Teqvirements ofthe Charities Act 2011. Basis for opinion We conducted our audit in accordance with Intemational Standards on Auditing (UK) IISAS IUKII and applic3ble baw. Our rèsponsibilities under those standards are lurther described in the Auditors. responsibilities for the 3udil of the financial slatemenls sec11c of our report. We are independent of Ihe charitable company in accordance with the ethical requirements that are relevant to our audit of the financial siatements in the Unrted Kingdom. including the Financial Reporting Council's Ethical Slandard. and we have fulfilled our other elhul responsibililte5 in accordan¢e with these requirements. We be1¥e Ihai the avdit evidènce we have obtained is Sufficient and appiopnate to provide a basis lor our Onion. Emphasls ol matter We ¢Jraw attèntion to Note 2.2 10 the financial statements which explains that the trustees intend lo wind up the company and therefo do not consider it lo be appropriale to adopt the 90ing concem ba51s of accounling in preparin9 the finanoal statements. Accordingly the finanryal staternents have bèen prepared on a basis other Ihan going concern a5 de5Gribed in Note 2.2. Our opinion 15 not modified in respect of Ihis matter. Other infonnatign The other illformation ¢ompflSes Ihè information in¢lud8d in the Annval Reporl other Ihan the finan(ial statements and our Auditors. Report thereon. The Trustees are responsible for the other inform81ion contained within the Annual Report. Our opinion on the finanoal staternenls does nol cover the other nI0[matIOn and. except to the extent Olherwise explicilly slated In our report. we do nol express any form of assurance Conclusion Ihereon. Our responsibility is lo read the other information and. in doing so. consider whethef Ihe olher information is materially inctsnsistent with the finanual statèments or our knowledge obtained in the course of the audit. or olherwse appears lo be rnaleftally misstated_ If we Identfy such material inconsistencies or apparent matemal mlssialements, we are required to delermine wheU)er this gives ris• to a material rn155tatemenl in the financial statements theNsefves. 11. based on the work we have performed. we conclude that there 15 a material misstatement ol this other rnfomaiion. we a required to ieport Ihat lact. We have nothing to report in Ihis regard. Page 5
ST JOSEPH'S CONVENT PREPARATORY SCHOOL GRAVESEND (A Company Limited by Guaranto1 INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF ST JOSEPH'S GONVENT PREPARATORY SCHOOL GRAVESENO ICONTINUEDI . Matters on whieh we arè rèquired to rÈport by èxcèption We have nolhing to report in re5ped of the followm9 matters where thè Charities (Accounts 8rtd Reports) Règulations 2008 require$ us lo report to you if. in our op1n.. the informatson given in the Truslees, Report i8 in¢tsnsistent in any material respect wilh Ihe fnancAal slalements". or sufficient accounting re)1$ have not been kepl.. or the financial statements are not in agreement wilh Ihe accounling records and reluTns,' or we have nol received all the inforrnation and explan*ons wè requjre for our audit. Responsibilities of trustees As explained more fully in the Trustees, Responsibilities Sialement. the Trustees (who are also the directors of the charitable company for the purpose5 01 company lawl are resp(>nsible ftsr the preparation ol the financial sl3lements and for being s3ts"sfied that they gNe a twe and latr wew, an4 f¢y such internal control as the Trustee5 determine is necessary lo enable the prepafation of financial slatements that are free Irom material misstatèment, whetheT due to fraud or error. In preparing the financial ststèments. Ihe Trustees are responsible for assessing the charitable companys ability to conlinvè as a going ¢oncem, dis¢Josing. as apphcable, matters ielated to going concern and using Ihe going concern basis ol arxounting unkss the Tfustees either intend to liquidate the charitable company or to cease operations, or have no realistic altemattve bul lo do so. Auditors. rèspon¥ibi1itiès for the audit of thè financlal statèm•nts We have been appointed as auditor undef section 144 of Ihe Charitie5 Act 2011 ar report in accordance with the Act and relevant regulations made or having effect Ihereundef. Our objectives are lo obtain reasonable 35surance about whelher the [anc•1 statements as a whole are free from rnaleri#l misslalernent, whether due to fraud or error, and to issue an Auditors. Report that includes our opini¢n. Reasonable assvrance is a high level of assurance. bul is not a guarantee Ihal an audit conducted in accordance with ISAS IUKI will a{ayS detect a material misstalernent when it exists. Misslalements can anse from fraud or error and are considered material if. individually or in Ihe ag9regale, they could reasonably be expected lo influence the economic derysions of users laken on the basis of these financial statements. Irregulaiities, including fraud, ale inslances of rton-compb.ance wth laws and regul81ions. We design procedures in line wrth our resbilItIes. OLrtline(l atVe, lo detect material misslatemenls in SpeCt ol irre9ulariliès, induding fraud. The extent to which our procedures are capable of dÈtects"ng iwregularities. including fraud is detailed below." We i¢Jentified areas of laws and regulations that could ?sOnablY be expecled to have a material effect on the financial statements from our general commercial and sector experience and through di5cvssion with thè trustees and other management {as required by audibn9 5tandardsl. and discussed with Ihe Irustees and olher management the policies and procedures regarding ¢ompliance with laws and iegulations. We communicated identified laws and regulations throughoLrt our team and remained alerl to any indications ol non-cornpliance ihroughout ihe audrt. The risk of nol delecting a material misstalemenl resulting Irorn fraud is hgher Ihan lor one iesvlting from error, as fraud may involve collusion. forgery. intentional omis5ion$. misrepresentatkjns. or the override of internal ¢onlrols. The potential effect ol these laws and regulations oft the ffinanaal stalemenls varies considerably. Firstly, the charity is subject to laws and regulations that direclly affect the finarrial stalernents including finan¢i81 reporling legislalion (incfuding related charities legislation} and taxation legislation and we assessed the exteTrt tsl compliance with these laws and regulabon5 as part of our wocedures on the related financial slaternent items. Page 6
ST JOSEPH'S CONVENT PREPARATORY SCHOOL GRAVESEND IA Company Limitèd by Guaranteel INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF ST JOSEPH'S CONVENT PREPARATORY SCHOOL GRAVESEND ICONTINUEDI condty, the charty is subject to many other laws and regulations where the nSequenceS ol nonthcompliance could have a material effect on amounts or disdosures In Ihe financial statements, for instancè through the imposition ol fines or liligalion. We idenlifie(I the following area5 a5 those mosi likety to have such arn effe¢t' health and safety. anti-bribery and employment law. Auditing standarijs limit Ihe required audit procedures to identify non-complianee wilh these laws and re9ulations to enquiry ol the directors and oth?r management and inspection of regulalory and legal correspondence. rf any. Through these procedures. we became aware of no actu81 or suspected non-compliance. Owing to the inherent limrtalK)ns of an audit. there is an unavoidable risk Ihal we may not have delecled some material mi55tatements in the financial statements. even ihough we have property planned and performed our audit in 3¢¢ordance wilh auditing standards. For exampje. the furthei removed non-compliance with laws and regulations Iirrégularitiesl is from the events and transactions iefle¢ted in the financial statements, the less likely the inherenuy limited proceE1ure$ fequired by auditing slandards woukl identify it. In addrtion. as with any audit, there remained a higher risk ol non-detection of irregularities. as these may Invofve collusion, forgery. intentional omissions. misrepresentations, or the overri¢Je of intemal conlro15. We are not rèsponsible for preventing noncompliance and cannot be expected to detect norh-compliance wth all law5 and regulations. A further description of our respgnsibililies for the audit of the financial 5taternents is localed on the Financial Reporting Councils website al.. www.frc.or .uklaudilorsre5 onsibilities. This des¢nption lorrns part ol tsur Auditors, Report. Hedley Dunk Limited Chartered Accountants and Statutory AuditcKs Trinity House 3 8ullace Lane Dartford Kent DA1 18B 30 August 2022 Hedley Dunk Limited are eh"gible lo acl as auditors in t&m)s of seclion 1212 of lh& Companies Acl 2006. Page 7
ST JOSEPH'S CONVENT PREPARATORY SCHOOL GRAVESEND IA Company Limited by Guarante•l STATEMENT OF FINANCIAL ACTMTIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31ST AUGUST 2021 Unrestrided funds 2021 Toial lunds 2021 To¢81 funds 2020 Note Income from- Chaiitable 8clivilies Other tra(Jing actiwlies Investrn¢nt5 Oiher in(a)me 653,692 8.214 653,692 8,214 83 7SS,502 12.419 953 468.67 65,041 Total income 1,130,589 1,130,589 833,91 S Expendltur• on: Raising fiJrKIs Charitable actiwtie5 5.644 1.089.830 4,533 1.016,329 1.089.830 Totsl expenditure 1.095.474 1,095.474 1.020.862 N¥t movernent in lunds 35.115 35.115 1186.9471 Re¢onciliatron of funds= Tolal funds broughi forward Net movemeni in funds 135,1151 35.115 135.115) 35.115 151,832 1186,9471 Total funds carried for4Yard 135,1151 The Statement of Financial Aclivrties indLths aH gains and tosses recognised in the year. The notès on pages 11 10 23 fom part of Ihese financial stsi&menls. Page 8
ST JOSEPH'S CONVENT PREPARATORY SCHOOL GRAVESEND IA Company Limited by Guarantee) REGISTERED NUMBER.. 05902325 BALANCE SHEET AS AT 31ST AUGUST 2021 2021 2020 Nole Fixèd ass•ts Tangib assets 15 65.703 65,703 Curront assets Debtor5 Cash al bank and in hand 12 77.692 174.$46 97.390 403,841 252.238 501,231 Crgditors.. amounts falling due wilhin one year 13 1252.238) {152,0491 Net currwnt a$set¥ 349.182 Total assets less current liabilities 414,885 Creditors.. amounts falling due after more Ihan one year N•t ass•is I liabilit•$ excluding pension assèt 14 1450,000} 135,115) Totsl netassets 135,115) Charity funds Restricled funds Unrestricted (vnds 18 18 (35.1151 Totsl funds 135.1151 The Èntity was entrtled to exemption from audrt under section 477 of the Companies A¢t 2¢XJ6. The members have not qUired the entity to obtain an audil for the year in question in accordance wilh Sèction 476 of the Companies Act 2006. However, an audit is required in accordance with sÈction 144 of the Charities Act 2011. The Trustees acknowledge the responsibilities for complying wth thè requirements of the Act with respect to accountin9 records and preparation of financial slatements. The ffinancial statemènts have been k¥epared in accordartt wrfh Ihe prowsions applicable lo enliti$$ subje¢t lo the small companies reglme. The financial statements were approved and authorised for is5 by the Tnjstees and signed on their behalf by.. Mrs A Knight Chair ol Finance Dale.. 30 August 2022 The notes on page5 1110 23 form part of Ihese finanaal statements. Page 9
ST JOSEPH'S CONVENT PREPARATORY SCHOOL GRAVESEND IA Company Limitèd by Guarantee) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31ST AUGUST 2021 2021 2020 Cash flows from operating actlvities Net cash used in operating activities 1234.6041 1171,8381 Cash flows from In¥ting activities Diwidends, interests and rents from investments Proceed$ from the salè of tangible fixed assets Purchase of tangible fixefl assets 83 7,350 14571 13,580} Net cash provided byllused inl investing activities 6.976 13.5801 sh flow5 from financing aetivities Cash inflows from new borrwn9 Repayments of borrowing 150.000 {1.667) N•t ¢ash lus•d inllprovided by financing activities 11.6671 150,000 Change in Cash and cash equivalents in the year Cash and cash equivalents al the beginning ol the year (229,29S) 403,841 125,4181 429,259 Cash and cash equivalents at the end of the year 174,546 403,841 The notes on pages 11 10 23 form ofthese finanual statements Page 10
ST JOSEPH'S CONVENT PREPARATORY SCHOOL GRAVESEND {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31ST AUGUST 2021 General Information St Joseph's C<)nvent Preparalory &*ool ts a chan"lable private limiled ¢ompany, limited by guaranlee iegistered and incorporaied in Ihe Unrted KiThJ¢Jom. Its fegisiered office is 46 Old Road East. Gravesend, Kent, DA12 1NR. which is also the prinopal pla ol business. The prinupal activities are sel out in the Trustee's reporL Accounting poli¢lès 2.1 Basis ol prnparation of financial stst•ments The financial slalements have been prepared in accordance wilh Ihe Charilies SORP IFRS 1021 Accounting and Reportir7g by Charities". Statement of Recommended Practtce applicable lo charities preparing Iheir accounts in accordance with Ihe Financial Reporting Standard applicable in the UK and Republ of Ireland IFRS 1021 leffe#ive 1 January 2019}. the Financial Reporting Standard applicable in the UK and Republic of Iland IFRS 1021 and the Companies Act 2006. Si Joseph's Ctsnvenl Preparatory School Gravesend meets the definition of a public benefit enbty under FRS 102. Assets and liabilities a inilially recognised at historieal cosl or transaction value unless otheise stated in the relevant accounbng potstry. 2.2 Going concem On the 81h March 2021. the School announced that il was proposing lo close al the end of the academic year. subject lo staff consultation. due to a need for long term investment which had not been secured at the date of the annourtcement. The School an(J its staff continued to work hard for the pupils providing a full educational programme, twJl the decision was made lo close the School on 31si August 2021. For this reason these financial slatemenls are presented on a basis other than going concern. This basis indv¢es. Whe applicable. wrrting the compan15 assets down to nel realisable value. Provisions ha¥e also been made in respect of contracts which have become onerous at the reporting date. No prowsion has been made for the futvre costs of terminaiin9 the business unless such costs were committed al the reporting dale. 2.3 Ineorne All income is recognised On the School ha5 enlitlement lo the inrne. it 15 probable that the income wll be weived and the amount ol income receivab can be mèasured reliably. Income tax recovefable n relatiM lo inveslmenl income is recognised at ihè time the investment income is receivable. Other income 15 recogni5ed in the period in which rt is rereivabl8 and to the extent the goods have been provided or on completion ofthe seNce_ 2.4 Expenditure Expenditure is recognised once lhe is a legal or construclive obligalion lo transfer ecortomic bènefit lo a third party, it is probable Ihat a transfer of economic benefits will be required in settlement and Ihe amount of the obligation can be measured reliably. Expenditure is classified by aetNity. The costs ol ea¢h actmty are made up ol the total of direct co$ts and shared costs. including support costs involved in undertaking each activity. Direcl costs attribuiable to a single activity are allocated directly lo that aetivty. Shared cosls whh contribute lo more than one activity and support cos15 which are not attributable to a single aclivity are apportioned between those activities on a basis cmsislent with the use of resources. Central staff cos15 are allocaled on the basis ol time spent, and depreciation charges allocaled on the porlion of the assei's use. Page11
ST JOSEPH'S CONVENT PREPARATORY SCHOOL GRAVESEND (A Company Limited by Guarnntee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2021 Accounting policies Icontinu•dl 14 Expenditure Icontinuèdl Expenditure on raising funds indudes all expenditure Incvryed by the School lo Taise funds for its charitable purposes and indudes costs of all fundraising adivilie5 events and non-charilable trading. Expenditure on thanlable aCtilieS is inoJrred on directly undertaking the activslies which further ihe S¢hoofs obje¢tives. as well as any assoualed support costs. All expenditure is indusive of reVerable VAT. 2.$ Gov•rnment grants Govemment grants relating to tangible fixed •$sets are treated as deferred in¢ome aThJ released to Ihe Staiement of Financaal ActNilies over thè expeded useful livès of thè assets concemed. Other grants are credited lo the Statement of Finanual A¢ti¥itses as the related expenditure is incuried. 2.6 Intèrèst reeeivable Intest on lunds hekl on deposit is induded when receivable and the amounl can be measured reliably by the School.. this is normally upon nob"fi¢ats"on of Ihe interÈ5t pai¢J or payable by Ihe institution with whom the fvnds are dep05iled. 2.7 Tangiblè fixed assèts and dèpr•clation Tangible ffixed assels are initially recognised at ¢ost. After recognilion. under Ihe cost model, tangible fixed assets are measured at cost less accumulaled depreoation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into ils intended working condition should be included in the measurement of cost. Oepre¢iation 15 ¢haiged so a$ to allg¢at• the cost of tangible fixed assets less their residual value over Iheti estimated useful lives. usin9 the slraighl4ine melh¢xl. Depreciation 15 provided on the lollowng baws-. Long-term leasehold Pfoperty Plant and machinery Motor Wehe$ Fixtures and fittings 2A 20% 20° 20.10 2.8 Debtors Trade and othèr debtors are recognised al the seltlemenl amount after any trade discount offored. Prepayments are value¢ at the amount Pfepaid net of any trade discounls due. 2.9 Cash at bank and in hand Cash at bank and in hand indudes cash and short-tem highly liquid investmen15 With a short malurity of three months or less from the date ol acqui%tion or opening of Ihe deposit ty similar account. Page 12
ST JOSEPKS CONVENT PREPARATORY SCHOOL GRAVESEND {A Company Limited by Guarant•el NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2021 Accountlng poliel•s {continuedl 2.10 Liabilitie$ and provision¥ Liabilities ale recognise(I when the is an obligation at the Balance Sheet date as a result of a past event. tt is probable that a Iransfer of economic benefit will be iequired in settlèment, and the amount of Ihe 5etUement can be estimated reliably. Liabilities are recognised at the amounl thal the School antiapales it will pay lo settle the debt or amount il has received as advanced payments for the goods Of services il rnust provide. Provisions a measured at Ihe best estimate of Ihe arnounts iequired lo sellle Ihe obligation. Where the effect of Ihe tsme value of money is material. the pr0¥7sion 15 based on the present value of Ihose arnounts. discounted at the pre-tax di%ount rate ¢hat lte5 the risks speafsc lo the liability. The unwinding of the dIOnt is recogni5ed w) the Statement of Finanual Activities as a finance cost. 2.11 Finanelal instrumènts The School onty has finanoal assets and finanDal liabililies ol a kind that qualify as basic financial instrumen¢5. Basic financial inslrument5 are initially recognised al transaction value and subsequentty measured al Iheir seltlement value wth the excepb.on of bank loans whi¢h are subsequentty rnea5ured at amorti5ed c05t using the effective inteiest meihod. 2.12 Operating leases Renlals paid under operating leases are charged to Ihe Statemerrt of Frnancial A¢tivittes on a straight line basis over the lease term. 2.13 Pensions The School operate5 a define¢J con1ritrwjt pension scheme and the pension charge represents the amounts payable by the School to the lund in resped of the year. The School also operales a Teachers Pension Fund scheme and the leaching pension charge represents the amounts payable by the School io the fund in rèspect of the year. 2.14 Fund accounting General funds are unrestricted funds which are available for use at the dis¢¥etion ol the Trustees in furtherance of the general objectives of the Sthool and whth have not been designated lor other purposes. Designated funds comprise unrestricted lunds that have been set aside by the Trustèes lor particular purposes. The atrn and use of each designaled fund 15 set ovl in Ihe notes to the financial slalements. Investment income. gains and losse$ a allocated to Ihe appropriate fund. Page 13
ST JOSEPH'S CONVENT PREPARATORY SCHOOL GRAVESEND IA Company knmited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2021 Income from rharitsble activilTres Endowment Unreslrided funds lun(Js 2021 2021 Toial lunds 2021 Total funds 2020 Educi¢)nal Activities 653.692 653.692 755.502 Total 2021 653.693 653,692 755.502 Income from other trading activlties In¢ome from fvNlraising vents Unre5tricte¢J furnds 2021 Total funds 2021 Total funds 2020 Fundraising events 8.214 8,274 12,419 lftv•stment incom# Unrestricted funds 2021 Total fvnds 2027 Total funds 2020 Bank Interest 83 83 953 Page 14
ST JOSEPH'S CONVENT PREPARATORY SCHOOL GRAVESEND IA Company Limited by Guarantee) MOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2021 Other in¢omlng resources Unresiri¢ted lunds 2021 Total funds 2021 Total funds 2020 Hire ol swimming pool and hall Job Retention Scheme Grant Loans forgwen KCC Covid Granl 1.747 26.408 435.601 4.844 1.747 26.408 435,601 3,280 61,761 Total 2021 468,600 468,600 65.041 Analysi¥ of expenditure on Charitable activities Summary by lund type Unrestrided funds 2021 Tol31 funds 2021 Total funds 2020 Educational A1.8$ 1,089.830 1,Q89,830 1,016,329 Anatysi¥ ol exp•nditure by a¢tivitiès Acliwties underlaken direcdy 2021 Support costs 2021 Total fun(Js 2021 Total fvnds 2020 Educational Activilies 933.799 156.031 1.089.830 1.016,329 Page 15
ST JOSEPH'S CONVENT PREPARATORY SCHOOL GRAVESENO IA Company Limited by Guarantee) NOTES ro THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2021 Anatysi¥ ol eXnlture by activitles {eontinuedl Analysls of direct costs Educatsonal lili*S 2021 Total funds Tolal funds 2020 Staff costs Oeprecialion Educalional Purchases Ofsted In$pection Costs Profivloss on disposal of assets Reduntjancy Costs operaty.ng Lease Costs Rates Repairs And Maintenance Insurance Light And Heat Telephone Printing. P05tag¢ And Stationery Legal And Professional Subscriptions Other Office Expenses ICT Expenditure Ba¢J Deb15 Advertising Training Govemance costs 538.527 20.640 32,513 1.416 38,170 37.934 56.582 7.463 40.121 9.055 9.442 2.237 10.049 57,719 8.720 21,412 5,941 29,387 3.375 $38,527 20.640 32,513 1.416 38.170 37,934 58.582 7.463 40,121 9,055 9,442 2,237 10.049 S7,719 8.720 21,412 5,941 29,387 3,375 808 288 558.318 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 41 288 Total 2021 933,799 933.799 873,793 Anatysis of support Costs Educational Actiwties 2021 Total funds 2021 Total funds 2020 Siaff cosls Govemance Costs 148.579 7.452 148,579 7,452 138.096 4.440 Totsl"2021 156.031 156,031 142,536 Pa9e 16
ST JOSEPH'S CONVENT PREPARATORY SCHOOL GRAVESEND IA Company Lifflited by Guarantt¢l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2021 Auditors. rèmuneratlon 2021 2020 Fees payable lo the Schoofs audilor lor the audit oflhe Sthwfs annua1 accounts 3,900 Fees payable to the School's audilor in SpeCt of.. All non-audit swices noi in¢kJded ab 3.720 1,440 10. Staff ¢osts 2021 2020 Wages and salaries Social security costs Conlribulion to defined contribution pension schernes 555.557 44,277 87,273 564,823 44.937 86.653 687.107 696.413 The average number of persons employed by the School duwing the year was as follows.. 2021 No. 2020 No. Teaching siaff Teaching support staff Support staff Administration $18ff 12 13 10 12 38 The number of employees whose efflpkjyee beneffts {exduding empkiyer pension c05ts} ¢xcee(led £60.(X)O was.. 2021 No. 2020 No. In the band £60.001- £70.(MJ) Trustees. remuneration and expenses During the year. no Trustees receNed any remuneration or other benefils12020- £NILI. During the year ended 31st August 2021. no Trustee expenses have t>eèn sncufred {2020- £NILI. Page 17
ST JOSEPH'S CONVENT PREPARATORY SCHOOL GRAVESEND IA Company Limited by Guarantsel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2021 12. Debtors 2021 2020 Due one year Trade deblof5 Other debtors Prepayments and aecrued income 68.388 195 9,109 63,610 33,780 77.692 97.390 13. Cr•ditors.. Amounts falling due within one year 2021 2020 Bank loans Trade creditcws Other tsxation and social sectsrity Pension fund loan payabEe Other creditors AccrLtals and deferred inrne 48.333 32,224 24.721 12,605 114,399 19.956 13,617 15,830 8,553 53,800 60.249 252.238 152,049 14. Creditors: Amounts falling dué after morn than one year 2021 2020 Other loans Other creditors 50,0 400.0 450.000 During the period, loans were forgiven. As a sUIt olher income has been recognised. Page 18
ST JOSEPH'S CONVENT PREPARATORY SCHOOL GRAVESEND IA Company Lifflited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2021 15. Tanglblt fixed assets Long-term leasehokl property Plant and machinery Molor Fixtures and vehidgs Total Al 1 September 2020 Addiltons Disposajs 23B.079 457 1238.5361 41.712 15.045 137.950 432.786 457 1433.2431 {41,712) 115,0451 1137.9501 Al 3151 August 2021 At 1 September 2020 Chargg for the year On disp05¥1s 183.778 15,517 {199,29SI 38.Q)7 2.710 (40,71n 15.045 130,254 2.412 {132.6661 367,084 20,639 1387.723} 11S,0451 At 31st August 2021 Net book value Al 31st Au9USt 2021 Al 31st Avgusl 2020 54,302 3.705 7.696 65,703 16. P¢n$ion commitrients The Schtsol operates a dèfined contn"bLrtion pension scheme. The assets of the scheme are held separately from those of thè Scho(A in an in¢Jèpendentty administered fund. The pension cosl charge presents contributions payable lo the fund and amounled to £5.856 12020." £6.443)_ Contributions ol £T4212020'. £Nill We payable lo the fund at the balance sheet date and are included in crediltsrs. The School operates a Teachers Pension Fund which is undèrwntten by the Government. Conlribulions of £81.417 12020." £80,210) were paTrd in to the Teathers Pension Fund. Contribution5 01 £11.863 12020.. £8,684) were payablè to the (und at the bance sheet date and are induded in creditor5. 17. Operating lease commitments Al 31$1 Augiist 2021 the &hool had no fijIu minimum operaling lease paymenls as follows.. 2021 2020 Not later than 1 year Later than l year and not later than S years 55.576 2.072 57.648 Page 19
ST JOSEPH'S CONVEIIT PREPARATORY SCHOOL GRAVESENO IA Company Lirnited by Guar•nt••l NOTES TOTHE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31ST AUGUST 2021 18. Stat•ment of funds Statement of fund$ - current year Balance at 1st September 2020 Balance al Transfers 31 st Au9usI inlout 21)21 Income Expendilure Unstricted funds Signated fvnds PTA fvnds (Minibus) PTA Funds Childrens collections 6.849 13,674 3.693 16,849) 13,7141 697 95 {3.694) 11.950> 6.963 1,838 24.216 792 15.6441 110.5631 8,801 G&neral funds General Funds- all funds {59.331) 1.129.797 {1.089.830) 10,563 18.801) Totsl Unr•stricted funds {35,1151 1.130.589 11.095.474> Statement offvnd$ - prior yèar Balan¢e at 1st September 2019 Balance at 315t Au9USt 2020 Income Expenditure Unrestricted fund$ Dèsignated funds PTA funds (Minibus) PTA Funds Childrens collections 6,849 12.827 4,261 6.849 13,674 3,693 3,373 1.439 12,5261 (2.0071 23,937 4.812 14.5331 24.216 G•neral fund8 General Funds- all fund5 127,895 829.103 11.016.329) 159,3311 Total Unrestri¢tsd fund$ 151,832 833.915 11.020,8621 (35.1151 Page 20
ST JOSEPH'S CONVENT PREPARATORY SCHOOL GRAVESENO (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31ST AUGUST 2021 19. Summary ol fund$ Summary of lunds - current year Balance at 1st Seplember 2020 Balan¢e at Transfers 31 sl August inlout 2021 Inco1 Expenditure Designated funds Gener31 lunds 24.216 IS9.3311 792 15.644} 1,129,797 11.089,830) 110.5631 10,563 8,801 18,8011 {35.115) 1.130.589 11,095.4741 Summary of funds - prior year Balanc¢ al 1st September 2019 Balance at 31 sl August 2020 Incorne Expenditure Degnat¢ funds General lunds 23,937 127.895 4.812 {4.5331 829.103 11,016,329) 24.216 159.331) 151.832 833.915 11.020.862) 135,1151 20. Analy$is of net assets between fvnds Analysis of nèt assets bètsv•en funds- current year VnrestrTrcled funds 2021 Total lunds 2021 Current assets Creditors due within one year Difference 252.238 1137.839) {114,399} 252.238 1137.8391 114.399 Totsl Page 21
ST JOSEPH'S CONVENT PREPARATORY SCHOOL GRAVESEND IA Company Llmitsd by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOEO 31ST AUGUST 2021 20. Analysls of net assets between fund5 (continued) Analysis of net a¥yets bètween funds- prior yèar Unreslricled funds 2020 Total funds 2020 Tangible fixed assets Current assels Cieditors due wrthin one year Creditors due in more than one year 65.703 501,231 1152.0491 1450,0001 65.703 501,231 1152.0491 1450,0001 Total 135.1151 135,1151 21. Reconclllatlon of net movement in fund$ tg net ca$h flow from operating activities 2021 2020 Nel incomelexpendilure for the year la$ per Statemenl ol Financial Acbw"tse51 35.115 1186,9471 Adlustm•nts for: Deprtr¢iatK)n charge$ Dividends, interests and rents from investments L()ss on the sale of fixe¢J assets Oecreasellincfease} in debtors Incrèasel(detrease) in c(edrlOfS 20,640 1831 38.170 19,698 1348,1441 26,384 122.3301 11,055 Net cash used in opetating activities 1234.6041 1171.838) 22. Analysis of ¢ash and cash equival•nts 2021 2020 Cash in hand Notice tJeposils {less than 3 months) 174.546 269.836 134.005 Tolal cash and cash equivalents 174,546 4Q3,841 Page 22
ST JOSEPH'S COPIVENT PREPARATORY SCHOOL GRAVESEND IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2021 23. Analysis ol changes in net debt At 1st September At31st 2020 Cash flow$ Atsgusl 2021 Cash al bank and in hand Oebl due within 1 year Oebt due after 1 year 403.841 18.5531 150.0001 1229,2951 {52.3861 so.000 174.546 1fj0,9391 345,288 {231,6811 113.607 24. Related party transactions There were no related party transactions during the yèar. Page 23