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2021-08-31-accounts

Charity Registration No. 1121398

Company Registration No. 06084975 (England and Wales)

OUR LADY OF SION SCHOOL, WORTHING ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2021

OUR LADY OF SION SCHOOL, WORTHING

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mrs G Buque
Dr S Coldwell
Ms L Hammond-Illes
Mrs K Henwood
Mr A Talati
Mr S Callaghan
Mr A Puglia (Appointed 16 November 2020)
Mr G Rawlinson (Appointed 13 November 2020)
Mr R Sparkes (Appointed 20 January 2021)
Ms E Warnett (Appointed 18 September 2020)
Mr A Cundy (Appointed 16 July 2021)
Mrs J Dahill (Appointed 9 September 2021)
Secretary Ms L Hammond-Illes
Charity number 1121398
Company number 06084975
Registered office Gratwicke Road
Worthing
West Sussex
BN11 4BL
Auditor Alliotts LLP
Friary Court
13-21 High Street
Guildford
Surrey
GU1 3DL
Bankers Lloyds TSB
PO Box 1000
Andover
BX1 1LT
Solicitors Moore Barlow LLP Stone King
The Oriel Boundary House
Sydenham Road 91 Charterhouse Street
Guildford London
GU1 3SR EC1M 6HR
Investment advisors Rathbones Kreston Reeves Financial Planning Limited
1 Northgate 37 St Margaret's Street
Chichester Canterbury
West Sussex CT1 2TU
PO19 1AT

OUR LADY OF SION SCHOOL, WORTHING

CONTENTS

Page
Trustees' report 1 - 13
Independent auditor's report 14 - 17
Statement of financial activities 18 - 19
Balance sheet 20
Statement of cash flows 21
Notes to the financial statements 22 - 35

OUR LADY OF SION SCHOOL, WORTHING

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 AUGUST 2021

The trustees present their annual report and financial statements for the year ended 31 August 2021.

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

Objectives and activities

Objects

The objects of the charitable company as outlined in the Memorandum and Articles of Association are the advancement and promotion of education and training, by the provision and conduct of an interdenominational day school for boys, girls and young adults. In addition, the charitable company has the power to advance education in any way which is incidental or ancillary to the primary object which benefits the local community.

Charitable aims

The Congregation of Our Lady of Sion is a Catholic foundation, which works to foster mutual understanding between people of different religious and cultural traditions, through its communities in twenty-four countries of the world. The role of education is this work is vital and the importance of dialogue between people is unwaveringly encouraged.

Our Lady of Sion School (Worthing) aims to help young people of all faiths and beliefs and those who do not have a religious belief. Valuing diversity and offering a warm welcome for all people is at the very heart of Our Lady of Sion Schools. Every young person is encouraged to reach their potential through a proactive embracing of “growth-mind-set” techniques and language, a development of intrinsic self-motivation and through excellent teaching and support from all adults in the school. These core values of self-motivation, achieving our highest aims and encouraging one another to be the very best version of ourselves is central to working-relationships between Sion staff as well.

We encourage every person within the school to engage with the wider community and to address (through pondering and actions – both individually and collectively) issues which are vital to the future well-being of our society, our present and future generations and essentially the whole world. This is fostered in a climate that is permeated by the teachings of the Bible and with a respect for other teachings that support Christian principles.

We offer bursaries and other assisted places to pupils who would benefit from being educated within the nurturing and welcoming ethos of Our Lady of Sion School. As a town-centre school, focused on supporting our community within the spirit of service, we encourage local groups to use our facilities wherever possible and appropriate. We work with our international family of (Sion) schools, fundraising to support need across the globe whilst also ensuring that our students’ charitable focus supports a variety of more local needs. We want to make a difference.

We regularly visit local Nursing Homes as part of our whole-school Community Outreach programme. We have been developing our Cognoscenti Circle Academic Programme in readiness for the September 2022/2023 academic year and this will provide academic and artistic collaborative opportunities for children in Worthing.

OUR LADY OF SION SCHOOL, WORTHING

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

The characteristics of the pedagogy of Our Lady of Sion School are:

Mindful of the Catholic foundation and the Charism of the Sisters of Our Lady of Sion, every member of the community is actively encouraged to respect the motto, “Consideration Always”, which is central to school life. The Sion school community takes pride in working together to ignite the highest aspiration, celebrating the unique spirit and achievement of every young person. Under the school’s care, the next generation of Sionians discover possibilities in the world around them, develop a life-long passion for learning and respond willingly and with compassion to the needs of others.

The motto is not just wallpaper, something that is there just in the background and easy to ignore after a while. It is something which the community believes in as a core part of a Sion education.

It is expected in Sion that this motto and the wider ethos spins with great energy…it is alive and well…it lives and breathes and resonates and vibrates along the corridors and within the classrooms and outside spaces.

Sion students are regularly reminded of this ethos and motto through assemblies, artwork and daily contemplations.

Since Our Lady of Sion is a through-school, it guides each child throughout their education from when they join in Early Years to their final years in the Sixth Form. Therefore, strong relationships with these young people are forged, with an enviable understanding of specific and individual needs as each child faces the key transitions between phases within the School. Excellent communication between home and school is essential and Our Lady of Sion staff ensure this is maintained each day.

We offer bursaries and other assisted places to pupils who would benefit from being educated within the nurturing and welcoming ethos of Our Lady of Sion School.

As a town-centre school, focused on supporting our community within the spirit of service, we encourage local groups to use our facilities wherever possible and appropriate. We work with our international family of (Sion) schools, fundraising to support need across the globe whilst also ensuring that our students’ charitable focus supports a variety of more local needs. We want to make a difference.

OUR LADY OF SION SCHOOL, WORTHING

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

We regularly visit local Nursing Homes as part of our whole-school Community Outreach programme.

TOGETHER, WE WILL

Through achieving our aims, our students will possess the integrity, intellectual curiosity, ability to question, reason, think critically, and the resourcefulness to pursue their goals throughout their lives, making a positive contribution to our society.

Public benefit

The trustees have considered the Charity Commission's general guidance on public benefit when reviewing the aims and objectives. The primary aim of the charitable company is the education of boys and girls. The school accepts children who are of average ability and above, and it actively encourages the development of all abilities. As an independent school we are aware that fees may act as a barrier to some and we therefore provide bursaries and scholarships for pupils for whom the school will otherwise be out of reach. Furthermore, during periods that the School is not being used for the advancement of education, it is let to members of the local public. We have seen an increase in local groups using our premises and we are keen to provide greater levels of opportunity moving forwards.

Achievements and performance

1. Introduction

The following paragraphs will look back at some of the developments and improvements made.

OUR LADY OF SION SCHOOL, WORTHING

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

2. Premises

A continuing focus has been maintained to ensure that we operate in a safe and secure environment. We have enhanced the premises in the following ways:

OUR LADY OF SION SCHOOL, WORTHING

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

3. Teaching and Learning

The Junior School curriculum has continued to be developed to ensure it is creative with students now being given project work for homework to inspire them in their learning. Beach School has been fully established throughout the Junior School with all teachers trained. Regular sessions take place with children involved in learning activities on the beach front. A focus on more able Maths provision has enhanced this area and core maths skills has been developed through investment in Numicon resources and training.

Learning Journals for Early Years:

This year we have started using the online journals, ‘Tapestry’, for children in our Early Years classes (Nursery and Reception). Historically, we have used paper copies – folders of post-it notes, sticky labels and cut out photographs. Whilst informative and charming (in a scrap book-type fashion), it has been extremely labour intensive and has not made provision for videos or the range of photographs we are now able to take. It has also required a huge amount of printing, cutting and sticking (costly in resourcing and in staffing hours).

Tapestry has a number of screens to help Early Years’ professionals keep on top of the assessments they make of EYFS children, in the EYFS framework. These can help staff to establish each child’s attainment, see the progress they have made over whichever period they choose to see, and find out whether there are any areas they have not been assessed in at all. There are screens for both individual children and whole groups meaning staff can build up their understanding of cohorts quickly and easily. Feedback from parents has been extremely positive to date. We are early in our transition to Tapestry, so know that we still have room to grow with the product and bring parents in to the process of their child’s learning.

This year, we hosted our first Science, Technology, Engineering and Maths (STEM) Week, where all Junior School children were involved in a variety of activities including:

Project Based Learning - 1:1 for Gifted and Talented

We have introduced 1:1 sessions for children identified as G+T. One child has 3 weekly sessions, with a focus on a topic of his choosing. This has developed to include learning beginner’s Latin. The PBL approach has been well received by parents.

We have introduced INSIGHT into the Junior School which is being used to track academic progress and attainment. This data is essential in informing our KAN (Known and Nurtured) meetings and our TAP (teaching and progress) meetings. With INSIGHT being used in line with SISRA in the Senior School, the tracking of academic progress can be analysed regularly and appropriate interventions can be designed in response to need.

The Senior School academic tracking system (SISRA) has been fully implemented with staff training taking place. A focus on intervention and providing extension opportunities has improved the value added scores the students attain at both GCSE and A Level. The value added at GCSE showed a significant increase and at A level placed the school in the top 1% of schools who participate in the ALIS programme.

A teaching and learning group has been established across the school to share excellent practice and participate in research.

The school has also focused on providing more opportunities for students to participate in external competitions.

For A levels the school has decided to no longer require students to take AS levels at the end of Year 12 and the majority will only study 3 subjects along with taking the Extended Project Qualification.

OUR LADY OF SION SCHOOL, WORTHING

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

4. Pastoral and Safeguarding

In keeping with good practice we have worked to ensure that we maintain the highest standards of recruitment and aim to safeguard the children in our care.

Our work with the local safeguarding partnership remains proactive and strong. We work closely with a number of outside agencies in finding the right support for our young people and their families.

Our What Matters programme has been designed to respond to the Everyone’s Invited movement and the Ofsted review into Sexual Harassment and Violence in School.

The rapid review of sexual abuse, including peer-on-peer sexual harassment, sexual violence and online abuse in schools and colleges in England was carried out by Ofsted, at the request the government. It looked at:

The review included visits to 32 schools and colleges in April and May 2021, during which the views of over 900 children and young people were gathered. The review visited independent and state-funded schools including two state-funded primary schools. Ofsted also spoke to leaders, teachers, governors, local safeguarding partners (LSPs), parents and stakeholders. The review included a literature review and analysis of 2,030 testimonies publicly available on the Everyone’s Invited website.

Our Lady of Sion School has responded with action through the What Matters programme and through a review of our PSHEE and RSE curriculum – ensuring that it is fit for purpose and meeting the needs of our young people at this time in history.

We have also reviewed our curriculum in light of the Black Lives Matter movement – especially in insuring that our history curriculum reflects Black History

Our Known and Nurtured (KAN) meetings provide regular opportunities for tutors, teachers and pastoral personnel to meet together to discuss pertinent matters relating to individual students and/or groups of students. Discussion around necessary support and guidance occur and action plans are designed and reviewed to ensure that every child is offered the opportunity to learn more about staying safe and being safe – physically and mentally and emotionally.

OUR LADY OF SION SCHOOL, WORTHING

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

5. Extra-curricular

6. Nursery

The school’s nursery provision continues to offer care from 8.00am – 500pm.

7. Communication

The school has developed a new website which is easier to navigate and update. The portal for students and parents is now fully populated and includes the Junior School. Newsletters have been reformatted and are now half termly, since the majority of parents engage with the school’s Facebook and twitter accounts. The parent forums have been used to discuss the development of the school and engage with the wider parental body.

OUR LADY OF SION SCHOOL, WORTHING

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

8. Marketing

The school has employed a part time Marketing Director and started a rebranding exercise. All school stationary and external communications now feature the new branding which reflects the modern outlook of the school. The school has a new prospectus which details each section of the school and may be adapted easily for entry to the different sections of the school.

The Marketing Director has been proactive in ensuring that Our Lady of Sion School features in numerous publications. This has been a healthy mix of local newspapers/publications and also within academic and educational magazines/papers. Advertisements for the school have appeared on the local bus fleet and our social media presence is indeed very strong.

Increasing our own bus routes has enabled us to become a viable option for families living outside our immediate catchment.

9. GDPR

Our Lady of Sion School is committed to ensuring protection of all personal information that we hold, and to provide and to protect all such data. We recognise our obligations in updating and expanding this program to meet the requirements of GDPR. Details of the Data Protection Officer and data subject rights are available on the school website.

10. School Charism

The Headteacher works very closely with the Mission Director and the International School’s Congregational Team to safeguard and promote the Charism as gifted to us by our Founders, Alphonse and Theodore Ratisbonne and continued through the Sisters of Our Lady of Sion. Exchanges with our family schools have stopped due to Covid, but we have enjoyed international communication via webcam and internet.

11. Charitable Activities

We offer bursaries and other assisted places to pupils who would benefit from being educated at Our Lady of Sion School.

We offer subject scholarships and ethos scholarships: Louise Humann

Ratsibonne Sapere Aude (Sixth Form)

We offer our premises to local groups for a minimal fee (or free).

We are proactive in offering support to local charities and global charities and also local nursing homes through our community outreach programme.

We allow local groups to use our facilities free of charge such as the local Church, Worthing Artists Open Houses, Guildcare, Lighthouse Retreat Centre.

Our community outreach programme visits local homes for the elderly and disabled, performing music, poetry and readings. They also talk with the residents. Our students have performed at charity concerts.

Our Junior School hosted inter-generation workshops run by our English Department.

OUR LADY OF SION SCHOOL, WORTHING

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

12. I.T.

A number of PC workstations have been upgraded with further interactive whiteboards being installed in classrooms.

13. Pupil Numbers

Sept 20 -
July 21
Nursery 8
Reception 7
Year 1 10
Year 2 12
Year 3 13
Year 4 16
Year 5 17
Year 6 28
Year 7 42
Year 8 41
Year 9 48
Year 10 51
Year 11 43
Year 12 15
Year 13 24
Totals 375

14. GCSE Statistics

Level % Grade 9-7 National Average % Grade 9-4 National Average
GCSE 62 30 98 79

15. A Level Statistics

% A Level Pass
Rate
% Grade A*-C		 EPQ% A*-A
99 93 100

OUR LADY OF SION SCHOOL, WORTHING

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

Financial review

The SOFA can be found on page 18. The net movement in funds for the year to 31 August 2021 is a surplus of £386,887 (2020: Deficit of £494,042). Total incoming resources increased by £7,090 to £3,924,698 and total expenditure decreased by £618,850 to £3,666,565. There was a gain on investments of £158,583 (2020: loss £92,759). Depreciation charges for the year amounted to £131,713 (2020: £155,616), so the operating surplus before depreciation was £360,017 (2020: deficit £245,667).

In 2018, a 5 year maintenance plan of the School buildings commenced. This is reviewed each year to ensure that expenditure is prioritised and the costs are only incurred when necessary. Expenditure has been capitalised where appropriate. This year the School has only undertaken essential maintenance works as COVID-19 has limited contractor access to the School. Costs incurred have again been funded by the School’s investment portfolio.

The main source of income for the School is from School fees and as can be seen on page 9, pupil numbers have increases in the current year after declining over the last few years. Alongside the work that the Bursar has undertaken to reduce costs where possible, the Senior Leadership Team together with the Governors, are continually looking to increase pupil numbers. This is supported by a dynamic strategic marketing plan. Following COVID-19 the Senior Leadership Team and the Governors are working to update this plan to reflect the impact that COVID-19 has made – such as families moving out of London, as well as sharing the School’s excellent remote learning capabilities, with a full School timetable, should these be required again in the future.

The Bursar has also evaluated the existing business model and updated this accordingly. This model incorporates the Governors and Senior Leadership Teams strategic plans to ensure the future sustainability and growth of the School.

During the previous year the Governors made the difficult decision for the School to leave the Teacher's Pension Scheme on 31 August 2020. This has resulted in significant cost savings for the School in the current year.

Looking forward, whilst the Governors have used the School’s investment portfolio to support the operational activities of the School as required over the last few years, the School’s operational activities will need to report operational surpluses in the forthcoming years. Governors made the decision to start charging for the Sixth Form from September 2021. Bursaries and scholarships will be available for those pupils and families meeting the requirements as the pupils move into the Sixth Form. The Senior Leadership Team are working to extend the provision of the Sixth Form by relocating it to the Chapel block.

The School’s investment portfolio reported a value of £1,592,023 (2020: £1,520,684) at the year-end. The investment portfolio is manged by two different investment managers which minimises the charity’s risk in this area as they have been provided with different profiles and remits. The investment managers met with the Finance & Purpose Committee remotely during the year to discuss the performance and risk profile of each fund.

As at 31 August 2021 reserves totalled £2,873,597 (2020: £2,486,710) with £13,623 (2020: £13,621) held as restricted funds and £20,752 (2020: £20,750) as designated reserves. This leaves free reserves of £1,816,791 (2020: £1,395,616) although £1,592,023 (2020: £1,520,684) is tied up in investments at the year end. The Governors have set a reserve policy of ensuring that the School has the equivalent of six months expenditure held in reserves.

OUR LADY OF SION SCHOOL, WORTHING

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

COVID-19

COVID-19 has had a significant impact on the School since the introduction of the UK government’s introduction of social distancing rules in March 2020 in response to the coronavirus pandemic, which resulted in the School being closed to pupils, with the exception of key worker and vulnerable children. At the start of 2021, the School once again had to close to all pupils, with the exception of key workers and vulnerable children. A full timetable was once again provided remotely to those pupils who had to remain at home.

Looking to the future, whilst the impact on the School of meeting the additional expenses was considerable, with the support of the Sisters of Sion and the school community, a well-managed cost reduction plan and a focus on pupil number growth the governors are confident that the financial position of the school will improve, return to profitability and be secure for the future.

The governors are comfortable that the Charity remains a going concern and therefore the adoption of the going concern basis for preparing the financial statements remains appropriate.

Risk Assessment

The trustees have a risk management strategy which comprises:

Particular attention has continued to focus on non-financial risks arising from the care of children or other people, staff or visitors, who may attend the School. As well as the laws on child protection and health and safety issues the School reviews its services, financial and general exposure to risk on an ongoing basis.

Structure, governance and management

Governing Document

The charitable company is a company limited by guarantee , governed by its Memorandum and Articles of Association which were drawn up on 26 January 2007 . The liability of members is limited to £10. The charitable company registered with the Charity Commission on 29 October 2007 and began its first period trading as an independent charity on 1 January 2008 under charity number 1121398.

Governing Board and organisational structure

Our Lady of Sion School Governors, as the trustees of the charitable company, are legally responsible for the overall management and control of both the Junior and Senior School, and meet at least three times a year to agree the strategic objectives for the School.

OUR LADY OF SION SCHOOL, WORTHING

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

The Board of Governors shall consist when complete of not less than eight and not more and fourteen competent persons. At each AGM, a third of all Co-opted Governors shall retire and as appropriate apply for re-appointment. The work of monitoring the implementation of the finance strategy is carried out by the members of the Finance and General Purposes Committee (F&GP). Other principal committees are convened when necessary.

The day to day running of the School is delegated to the Headteacher supported by Senior Leadership Team, together with the Bursar. The Headteacher and the Bursar attend meetings of the above Committees.

The School is subject to the inspection regime set in place by the government, and the resulting inspection reports are posted on the school website.

The trustees, who are also the directors for the purpose of company law, and who served during the year were: Mrs G Buque

Dr S Coldwell Ms L Hammond-Illes Mrs K Henwood Prof D Read (Resigned 1 September 2021) Mr A Talati Mrs R Beattie (Resigned 23 March 2022) Mr S Callaghan Mr L Panipucci (Resigned 1 September 2020) Mr A Puglia (Appointed 16 November 2020) Mr G Rawlinson (Appointed 13 November 2020) Mr R Sparkes (Appointed 20 January 2021) Ms E Warnett (Appointed 18 September 2020) Mr A Cundy (Appointed 16 July 2021) Mrs J Dahill (Appointed 9 September 2021)

Recruitment and appointment of new trustees

New trustees are inducted into the workings of the School by way of a thorough briefing by the Head teacher and the Chair of Governors , followed by a full tour of the School. All trustees are also encouraged to visit the School on a regular basis by arrangement with the Headmaster.

Trustees are encouraged to attend appropriate external training events where these will facilitate the undertaking of their role, or assist them with specific areas of responsibility.

The Committees of which the trustees are members are:

Full Governing Body Committee Finance & General Purposes Committee, including Marketing Pay Review Committee Health & Safety Committee Education Committee Governance Committee

Related parties

The School is closely associated with the Congregation of Our Lady of Sion, (the Order). Prior to independence the School was owned and ultimately controlled by the Order, but managed on a day-to-day basis by the Board of Governors. The School became an independent charity on 1 January 2008 . T he Order retains ownership of the school property.

OUR LADY OF SION SCHOOL, WORTHING

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

Statement of trustees' responsibilities

The trustees, who are also the directors of Our Lady of Sion School, Worthing for the purpose 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 which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company 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 charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Auditor

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

Disclosure of information to auditor

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

The trustees' r eport was approved by the Board of Trustees.

Mrs K Henwood Trustee

30 May 2022

OUR LADY OF SION SCHOOL, WORTHING

INDEPENDENT AUDITOR'S REPORT

TO THE TRUSTEES OF OUR LADY OF SION SCHOOL, WORTHING

Opinion

We have audited the financial statements of Our Lady of Sion School, Worthing (the ‘charitable company’) for the year ended 31 August 2021 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" (United Kingdom Generally Accepted Accounting Practice) .

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and , except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

OUR LADY OF SION SCHOOL, WORTHING

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF OUR LADY OF SION SCHOOL, WORTHING

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the d irectors ' r eport included within the trustees' r eport.

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

Responsibilities of trustees

As explained more fully in the s tatement of trustees' r esponsibilities, the trustees, who are also the directors of the charitable company for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the 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.

OUR LADY OF SION SCHOOL, WORTHING

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF OUR LADY OF SION SCHOOL, WORTHING

Auditor's responsibilities for the audit of the financial statements

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

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 detailed below .

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

OUR LADY OF SION SCHOOL, WORTHING

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF OUR LADY OF SION SCHOOL, WORTHING

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

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Stephen Meredith BA FCA DChA (Senior Statutory Auditor) for and on behalf of Alliotts LLP

30 May 2022

Chartered Accountants Statutory Auditor

Friary Court 13-21 High Street Guildford Surrey GU1 3DL

OUR LADY OF SION SCHOOL, WORTHING

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 AUGUST 2021

Current financial year
Unrestricted Unrestricted
Restricted
funds
funds
funds
general d esignated
2021
2021
2021
Notes
£
£
£
Income and endowments from:
Donations and legacies
3
8,577
-
-
Incoming resources from charitable
activities
4
3,889,234
-
-
Investments
5
15,635
2
2
Other income
6
11,248
-
-
Total income
3,924,694
2
2
Expenditure on:
Raising funds
Advertising and publicity
7
23,277
-
-
Investment management
7
6,552
-
-
29,829
-
-
Charitable activities
Teaching
8
2,356,876
-
-
Welfare
8
27,414
-
-
Premises
8
579,518
-
-
Support
8
702,757
-
-
Total charitable expenditure
3,666,565
-
-
Total resources expended
3,696,394
-
-
Net income/(expenditure) before investment
gains/(losses)
228,300
2
2
Net gains/(losses) on investments
12
158,583
-
-
Net movement in funds
386,883
2
2
Fund balances at 1 September 2020
2,452,339
20,750
13,621
Fund balances at 31 August 2021
2,839,222
20,752
13,623		 Total
2021
£
8,577
3,889,234
15,639
11,248
3,924,698
23,277
6,552
29,829
2,356,876
27,414
579,518
702,757
3,666,565
3,696,394
228,304
158,583
386,887
2,486,710
2,873,597		 Total
2020
£
175,065
3,526,743
35,846
179,954
3,917,608
26,402
7,074
33,476
2,894,265
22,386
608,387
760,377
4,285,415
4,318,891
(401,283)
(92,759)
(494,042)
2,980,752
2,486,710

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

All income and expenditure derive from continuing activities.

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

OUR LADY OF SION SCHOOL, WORTHING

STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 AUGUST 2021

Prior financial year

Unrestricted Unrestricted
Restricted
funds
funds
funds
general d esignated
2020
2020
2020
Notes
£
£
£
Income and endowments from:
Donations and legacies
3
169,065
6,000
-
Incoming resources from charitable activities
4
3,526,743
-
-
Investments
5
35,751
41
54
Other income
6
179,954
-
-
Total income
3,911,513
6,041
54
Expenditure on:
Raising funds
Advertising and publicity
7
26,402
-
-
Investment management
7
7,074
-
-
33,476
-
-
Charitable activities
Teaching
8
2,894,265
-
-
Welfare
8
22,386
-
-
Premises
8
608,387
-
-
Support
8
760,377
-
-
Total charitable expenditure
4,285,415
-
-
Total resources expended
4,318,891
-
-
Net gains/(losses) on investments
12
(92,759)
-
-
Net movement in funds
(500,137)
6,041
54
Fund balances at 1 September 2019
2,952,476
14,709
13,567
Fund balances at 31 August 2020
2,452,339
20,750
13,621		 Total
2020
£
175,065
3,526,743
35,846
179,954
3,917,608
26,402
7,074
33,476
2,894,265
22,386
608,387
760,377
4,285,415
4,318,891
(92,759)
(494,042)
2,980,752
2,486,710

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

All income and expenditure derive from continuing activities.

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

OUR LADY OF SION SCHOOL, WORTHING

BALANCE SHEET

AS AT 31 AUGUST 2021

Notes
Fixed assets
Tangible assets
14
Investments
15
Current assets
Debtors
17
Cash at bank and in hand
Creditors: amounts falling due within
one year
18
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after
more than one year
19
Net assets
Income funds
Restricted funds
22
Unrestricted funds - designated
23
Unrestricted funds - general		 2021
£
£
1,022,431
1,592,023
2,614,454
217,557
777,849
995,406
(639,315)
356,091
2,970,545
(96,948)
2,873,597
13,623
20,752
2,839,222
2,873,597		 2020
£
£
1,056,723
1,520,684
2,577,407
317,788
148,354
466,142
(461,638)
4,504
2,581,911
(95,201)
2,486,710
13,621
20,750
2,452,339
2,486,710

The financial statements were approved by the Trustees on 30 May 2022

Mrs K Henwood

Trustee

Company Registration No. 06084975

OUR LADY OF SION SCHOOL, WORTHING

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 AUGUST 2021

Notes
Cash flows from operating activities
Cash generated from/(absorbed by)
operations
27
Investing activities
Purchase of tangible fixed assets
Purchase of investments
Proceeds on disposal of investments
Investment income received
Net cash generated from investing
activities
Net cash used in financing activities
Net increase/(decrease) in cash and cash
equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2021
£
£
624,033
(97,420)
(638,549)
725,792
15,639
5,462
-
629,495
148,354
777,849		 2020
£
£
(552,635)
(60,650)
(878,604)
1,190,151
35,846
286,743
-
(265,892)
414,246
148,354

OUR LADY OF SION SCHOOL, WORTHING

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

1 Accounting policies

Charity information

Our Lady of Sion School, Worthing is a charitable company limited by guarantee incorporated in England and Wales. The registered office is Gratwicke Road, Worthing, West Sussex, BN11 4BL.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charitable company's Memorandum and Articles of Association, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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 charitable company is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling , which is the functional currency of the charitable company . Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern

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

1.3 Charitable funds

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

Restricted funds are subject to restrictions on their expenditure imposed by the donor or through the terms of an appeal.

General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

1.4 Income

Income from operating activities in furtherance of the charitable company's objectives is accounted for on an accruals basis. Fees receivable and charges for services and use of premises are accounted for in the period in which the service is provided. Fees receivable are stated after deducting allowances, scholarships and other remissions granted by the school. Fees received in advance of education to be provided in future years under an Advance Fee Payments Scheme contract are held as liabilities until either taken to income in the term when used or else refunded.

Donations receivable for the general purposes of the charitable company are credited to unrestricted funds. Donations for purposes restricted by the wishes of the donor are taken to restricted funds.

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

OUR LADY OF SION SCHOOL, WORTHING

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

1 Accounting policies

(Continued)

Income from g overnment grants is recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Other operating income is accounted for on an accruals basis.

1.5 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 are allocated on the portion of the asset’s use.

Expenditure is accounted for on an accruals basis. Overhead and other costs not directly attributable to particular functional activity categories are apportioned over the relevant categories on the basis of management estimates of the amount attributable to that activity in the year, either by reference to staff time or space occupied, as appropriate. The irrecoverable element of VAT is included with the item of expense to which it relates.

Governance costs comprise the costs of running the charitable company, including strategic planning for its future development, also external audit, any legal advice for the school, and all the costs of complying with constitutional and statutory requirements, such as the costs of Board and Committee meetings and of preparing statutory accounts and satisfying public accountability.

1.6 Tangible fixed assets

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

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

Leasehold improvements 5% per annum straight-line Plant and equipment 25% per annum straight-line Computer equipment 33.33% per annum straight-line Motor vehicles 25% per annum reducing balance

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

1.7 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year . Transaction costs are expensed as incurred.

OUR LADY OF SION SCHOOL, WORTHING

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

1 Accounting policies

(Continued)

1.8 Impairment of fixed assets

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

1.9 Cash and cash equivalents

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

1.10 Financial instruments

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

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

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

Basic financial assets

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

Basic financial liabilities

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

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

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

Derecognition of financial liabilities

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

1.11 Employee benefits

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

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

OUR LADY OF SION SCHOOL, WORTHING

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

1 Accounting policies

(Continued)

1.12 Retirement benefits

The school participates in two multi-employer pension schemes. The Aviva (APTIS) Defined Benefits Scheme is used for its teaching staff and the Pensions Trust Defined Benefit scheme for support staff, after leaving the Teachers Pension Scheme in September 2020. The contributions by the school are determined by the Scheme Actuary and advised to the school by the Scheme Administrators. As the schemes are multi-employer schemes and the school cannot identify its share of the assets and liabilities, in accordance with FRS 102, the schemes are accounted for as defined contribution schemes.

2 Critical accounting estimates and judgements

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

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

3 Donations and legacies

UnrestrictedUnrestricted Unrestricted
funds
funds
funds
general
general
d esignated
2021
2020
2020
£
£
£
Donations and gifts
2,171
18,609
6,000
Coronavirus Job Retention Scheme
6,406
150,456
-
8,577
169,065
6,000		 Total
2020
£
24,609
150,456
175,065

OUR LADY OF SION SCHOOL, WORTHING

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

4 Incoming resources from charitable activities

Incoming resources from
charitable activities
For the year ended 31 August 2020
The school fees income comprises:
Gross school fees
Less: bursaries
Less: Sixth Form fee remission
Less: prompt payment		 School fees
Registration
fees
2021
2021
£
£
3,843,012
5,050
3,485,297
4,000		 Additional
educational
charges
2021
£
41,172
37,446		 Total
2021
£
3,889,234
2021
£
4,755,442
(450,079)
(461,696)
(655)
3,843,012		 Total
2020
£
3,526,743
3,526,743
2020
£
4,482,536
(341,084)
(656,155)
-
3,485,297

5 Investments

Unrestricted Unrestricted
Restricted
funds
funds
funds
general d esignated
2021
2021
2021
£
£
£
Income from listed investments
15,564
-
-
Interest receivable
71
2
2
15,635
2
2
For the year ended 31 August 2020
35,751
41
54		 Total
2020
£
35,297
549
35,846
35,846

OUR LADY OF SION SCHOOL, WORTHING

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

6 Other income

7
8		 Other income
Raising funds
Advertising and publicity
Advertising and Publicity
Investment management
Charitable activities
Staff costs
Depreciation and
impairment
Other costs
Share of governance costs
(see note 9)		 Teaching
2021
£
2,093,805
20,912
242,159
2,356,876
-
2,356,876		 Welfare
2021
£
-
-
27,414
27,414
-
27,414		 Premises
2021
£
56,492
110,801
412,225
579,518
-
579,518		 UnrestrictedUnrestricted
funds
funds
general
general
2021
2020
£
£
11,248
179,954
UnrestrictedUnrestricted
funds
funds
general
general
2021
2020
£
£
23,277
26,402
6,552
7,074
29,829
33,476
Support
Total
2021
Total
2020
2021
£
£
£
558,510
2,708,807
3,173,507
-
131,713
155,616
126,057
807,855
942,115
684,567
3,648,375
4,271,238
18,190
18,190
14,177
702,757
3,666,565
4,285,415

OUR LADY OF SION SCHOOL, WORTHING

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

8 Charitable activities (Continued)

For the year ended 31 August 2020

Staff costs
Depreciation and impairment
Other costs
Share of governance costs (see note 9)
Analysis by fund
Unrestricted funds - general
Governance costs
Clerk to Governors salary
Audit fees
Sundry		 Teaching
£
2,570,773
31,912
291,580
2,894,265
-
2,894,265
2,894,265		 Welfare
£
-
-
22,386
22,386
-
22,386
22,386		 Premises
£
58,461
123,704
426,222
608,387
-
608,387
608,387		 Support
£
544,273
-
201,927
746,200
14,177
760,377
760,377
2021
£
5,349
12,720
121
18,190		 Total
2020
£
3,173,507
155,616
942,115
4,271,238
14,177
4,285,415
4,285,415
2020
£
5,017
7,700
1,460
14,177

9 Governance costs

10 Trustees

Four governors received reimbursed training and travel expenses of £130 in the year (2020: four governors received reimbursed training and travel expenses of £221).

11 Employees

The average monthly number of employees during the year was:

Teaching
Support
Total		 2021
Number
47
34
81		 2020
Number
51
40
91

OUR LADY OF SION SCHOOL, WORTHING

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

11
Employees
Employment costs
Wages and salaries
Social security costs
Other pension costs		 (Continued)
2021
2020
£
£
2,201,035
2,475,239
198,942
235,832
314,179
467,453
2,714,156
3,178,524

Included in the above is termination which was paid during the year to former employees of £23,597 (2020: £30,000).

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

£60,000 is as follows:
2021 2020
Number Number
£60,000 - £69,999 2 3
£70,000 - £79,999 1 -
£150,000 - £159,999 - 1

In connection with the higher paid employees, retirement benefits are accruing under a multi-employer defined benefit scheme for the 3 employees (2020: 4). The total employer contributions in the year to the scheme were £35,027 (2020: £58,156).

12 Net gains/(losses) on investments

Unrestricted Unrestricted
funds funds
general general
2021 2020
£ £
Revaluation of investments 138,220 (44,629)
Gain/(loss) on sale of investments 20,363 (48,130)
158,583 (92,759)

13 Taxation

The company is a registered charity and therefore no liability to taxation arises on its charitable activities.

OUR LADY OF SION SCHOOL, WORTHING

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

14
Tangible fixed assets
Leasehold
improvements
Plant and
equipment
Computer
equipment
Motor vehicles
£
£
£
£
Cost
At 1 September 2020
1,482,544
376,604
343,545
106,985
Additions
46,500
38,780
12,140
-
At 31 August 2021
1,529,044
415,384
355,685
106,985
Depreciation and impairment
At 1 September 2020
549,463
297,997
316,339
89,156
Depreciation charged in the year
75,253
31,089
20,912
4,458
At 31 August 2021
624,716
329,086
337,251
93,614
Carrying amount
At 31 August 2021
904,328
86,298
18,434
13,371
At 31 August 2020
933,081
78,607
27,206
17,829
15
Fixed asset investments
Listed
investments
Cash in
portfolio
£
Cost or valuation
At 1 September 2020
1,432,683
88,001
Additions
638,549
-
Valuation changes
144,032
(47,169)
Disposals
(664,073)
-
At 31 August 2021
1,551,191
40,832
Carrying amount
At 31 August 2021
1,551,191
40,832
At 31 August 2020
1,432,683
88,001
16
Financial instruments
2021
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
1,551,191		 Total
£
2,309,678
97,420
2,407,098
1,252,955
131,712
1,384,667
1,022,431
1,056,723
Total
£
1,520,684
638,549
96,863
(664,073)
1,592,023
1,592,023
1,520,684
2020
£
1,432,683

OUR LADY OF SION SCHOOL, WORTHING

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

17
Debtors
Amounts falling due within one year:
Trade debtors
Other debtors
Prepayments and accrued income
18
Creditors: amounts falling due within one year
Notes
Other taxation and social security
Deferred income
20
Payments received on account
Trade creditors
Other creditors
Accruals and deferred income
19
Creditors: amounts falling due after more than one year
Payments received on account
20
Deferred income
Arising from fees received in advance
Deferred income at 1 September 2020
Released from previous years
Resources deferred in the year
Deferred income at 31 August 2021		 2021
2020
£
£
166,132
209,736
5,045
54,246
46,380
53,806
217,557
317,788
2021
2020
£
£
51,300
113,545
409,934
167,486
3,500
16,501
65,743
91,026
62,253
60,288
46,585
12,792
639,315
461,638
2021
2020
£
£
96,948
95,201
2021
2020
£
£
409,934
167,486
167,486
402,265
(167,486)
(402,265)
409,934
167,486
409,934
167,486

OUR LADY OF SION SCHOOL, WORTHING

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

21 Retirement benefit schemes

Defined contribution schemes

The charitable company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charitable company in an independently administered fund.

The charge to profit or loss in respect of pensions schemes treated as defined contribution schemes was £314,179 (2020 - £467,453).

The amount outstanding at the year end and included within creditors is £35,115 (2020: £59,672)

22 Restricted funds

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

Movement Movement
in funds in funds
Balance at Incoming Balance at Incoming Balance at
1 September resources 1 September resources 31 August
2019 2020 2021
£
£		 £
£		 £
Sister Maura appeal fund 4,395
17		 4,412
1		 4,413
Mr R Hale 9,172
37		 9,209
1		 9,210
13,567
54		 13,621
2		 13,623

The Sister Maura appeal fund was set up to provide grants for specific pupil activities ; for example , during 2008 a pupil was funded when they visited and helped within an orphanage in Cambodia.

The Mr R Hale fund will be used for a similar purpose as the original funds were to be used as an additional source of income for grants to assist pupils.

OUR LADY OF SION SCHOOL, WORTHING

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

23 Unrestricted funds - designated

The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:

Movement
in funds
Movement
in funds
Balance at
1 September
2019
Incoming
resources
Balance at
1 September
2020
Incoming
resources
£
£
£
£
Governors' fund
200
-
200
-
Maintenance fund
14,509
6,041
20,550
2
14,709
6,041
20,750
2		 Balance at
31 August
2021
£
200
20,552
20,752

24 Analysis of net assets between funds

General
unrestricted
Designated
Restricted
2021
2021
2021
£
£
£
Fund balances at 31 August 2021 are
represented by:
Tangible assets
1,022,431
-
-
Investments
1,592,023
-
-
Current assets/(liabilities)
321,716
20,752
13,623
Long term liabilities
(96,948)
-
-
2,839,222
20,752
13,623		 Total
2021
£
1,022,431
1,592,023
356,091
(96,948)
2,873,597
General
unrestricted
Designated
Restricted
2020
2020
2020
£
£
£
Fund balances at 31 August 2020 are
represented by:
Tangible assets
1,056,723
-
-
Investments
1,520,684
-
-
Current assets/(liabilities)
(29,867)
20,750
13,621
Long term liabilities
(95,201)
-
-
2,452,339
20,750
13,621		 Total
2020
£
1,056,723
1,520,684
4,504
(95,201)
2,486,710

OUR LADY OF SION SCHOOL, WORTHING

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

24 Analysis of net assets between funds

(Continued)

25 Operating lease commitments

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

Within one year
Between two and five years		 2021
£
155,611
56,352
211,963		 2020
£
164,973
224,446
389,419

The School leases its property from The Congregation of Sisters of Our Lady of Sion, "The Order", on a long term lease. A rent review is undertaken every 5 years with the most recent one in 2018. The lease commitment above represents the total payments due to The Order over the next 5 years, at which point a new rent review will be undertaken.

Amounts recognised in profit or loss as an expense during the period in respect of operating lease arrangements are £65,307 (2020: £164,973)

26 Related party transactions

Remuneration of key management personnel

The remuneration of key management personnel, who are defined as key members of the senior leadership team with significant influence, is as follows.

2021 2020
£ £
Aggregate compensation 338,168 601,869

Sister Dorrian , Sister Lee , Sister Shepherd and Sister Wicks were trustees and directors of the charity until they resigned on 30th June 2020.They are also Sisters of The Congregation of Sisters of Our Lady of Sion "The Order" , who previously controlled the school before incorporation.

The school property is owned by The Order and is rented out to the school at an annual commercial rent of £133,136 ( 2020 : £ 142,488) . following an agreement whereby The Congregation agreed to reimburse the school by £177,359 following a review of the rental agreement. At the year end an amount of £nil (2020: £nil) was owed to The Order.

OUR LADY OF SION SCHOOL, WORTHING

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

27 Cash generated from operations 2021 2020
£ £
Surplus/(deficit) for the year 386,887 (494,042)
Adjustments for:
Investment income recognised in statement of financial activities (15,639) (35,846)
(Gain)/loss on disposal of investments (20,363) 48,130
Fair value gains and losses on investments (138,220) 44,629
Depreciation and impairment of tangible fixed assets 131,713 155,616
Movements in working capital:
Decrease/(increase) in debtors 100,231 (214,642)
(Decrease)/increase in creditors (63,024) 178,299
Increase/(decrease) in deferred income 242,448 (234,779)
Cash generated from/(absorbed by) operations 624,033 (552,635)
28 Analysis of changes in net funds
The charitable company had no debt during the year.