Charity registration number 1121398 (England and Wales) Company registration number 06084975 OUR LADY OF SION SCHOOL, WORTHING ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
OUR LADY OF SION SCHOOL, WORTHING LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mrs G Buque Dr S Coldwell Ms L Hammond-llles Mrs K Henwood MrA Talati MrA Puglia Mr G Rawlinson Mrs J Dahill Mrs T Raebum Mr R Allingham Mr S Tefler (Appointed 23 January 2025) Secretary Ms L Hammond-llles Charity number 1121398 Company number 06084975 Registered office Gratsvicke Road Worthing West Sussex BN11 46L Auditor Alliotts LLP 3 London Square Cross Lanes Guildford GU1 1UJ Banker5 Lloyds TSB PO Box 10C Andover BX1 1LT Solicitors Moore Barlow LLP The Oriel Sydenham Road Guildford GU13SR Igniiion Law 1 Sans Walk London EC1R OLT Investment advisors Rathbones 1 Northgate Chichester West Sussex P019 1AT Craven Street Wealth 3 Gough Square London EC4A 3DE
OUR LADY OF SION SCHOOL, WORTHING CONTENTS Page Trustees. report Independent auditorfs report Statement of financial activities 15-16 Balance sheel 17 statement of cash flows 18 Noles lo the financial statements 19-34
OUR LADY OF SION SCHOOL, WORTHING TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 AUGUST 2024 The trustees present their annual report and financial statements for the year ended 31 August 2024. The financial statements have been prepared in accordance wrth the accounting policies set out in note 1 to the financial stalements and comply with Ihe charitable company's Memorandum and Articles of Association, the Companies Act 2006 and "Accounting and Reporting by Charities.. Statement of Recommended Practi apFdicable to charities preparing Iheir accounts in accordance wf(h the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102}" (effective 1 January 20191. Objectives and activities The objects of the charilable company as outlined in the Memorandum and Articles of Association are Ihe advancement and promotion of education and training, by the provision and conducl of an interdenominational day school for boys, girfs and young adults. In addition, the chantable company has the power to advance education in any way which is incidental or ancillary to the primary object which beneffls the local community- At Our Lady of Sion School, we are dedicated lo upholding a cullure Ihal values, embraces, and welcomes the unique qualities of every Individua0th young and adult. Through our nurturing elhos, we slrive lo provide an environment where our young people excel academicalty, demonstrate kindness in all their actions, and develop the skills and wisdom necessary io navigate lrfe with confidence and assurance. both now and in the future. Deepty rooted in our Catholic foundation and the Charism of the Sisters of Our Lady of Sion, we encourage all members of our community to live by our motto. "Consideration Always., This core principle inspires us to cuttivate an appreciation for diversity and a steadfast commitment to equality and justice. We empower every Sion student to nurture a lifelong passion for leaming, respond compassionatety to Ihe needs of others, and care for our planel. Our charitable aims include= Upholding the Vision of our Founder5: We remain committed to the academic and spiritual principles established by our founders, guided by the Charism of Sion. We authenticalty welcome children from all faiths, as well as those who do nol follow a ligIouS failh. Fostering a Passion for Education- We seek to awaken a genuine passion for education in every student, inspiring curiosty about the wodd around them and how they can actively contribute to addressing its challenges and seizing its opportunities. Equipping for the Future.. Our mission is to equip every child with the skills, knowledge, and resilience required to thrive in an ever-changing world. We aim to develop thoughtful, infom)ed, and engaged individuals who understand that their talents and abilities can make a positive impact on their communities and the widerworld. Cultivating Inspiring Young People.. We are committed to developing young individuals who are driven by inlegrity, compassion, and self-belief. Our school encourages students lo grow inlo responsible leaders who inspire olhers Ihrough their actions and example. Promoting Personal Development and Excellence: We foster a culture that supports personal gr0h, high performance, and self-reflection. We aim to nurture inquisf(ive, compassionate, and elhical cilizens who are committed to open dialogue. authenticity. and kindness towards our planet. Encouraging the Best Version of Ourselves.. Our ethos encourages everyone to continuously strive for personal and academic growth. We understand that developfflent is an ongoing process, vitalizing both the individual and the community- Fostering Wellbeing and Citizenship= We provide opportunilies for sludents to learn about personal safety, strengthen their social and emotional wellbeing, and understand what it means to be a good citizen. We instil in them a sense of elhical responsibility, thoughfftjl slewardship of the nalural world, and a commitment to ethical living. Embracing Challenges with Strength of ChardCter= At Sion. we help every student understand that challenges are a nalural part of life. We emphasize the importance of tenacity and self-belief, guiding our students to approach difficult situations with solution-focused responses that build strength of mind and character.
OUR LADY OF SION SCHOOL, WORTHING TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Through these aims, we aspire to nurture young people who will embody the values of consideration, compassion. resilience. and ethical living. contributing positively to society and making a meaningful difference in the world. Strategies for achieving aims and objectives Summary of Strategies We Do to Achieve Charilable Aims To ensure thal every member of the Our Lady of Sion School community meets Ihe stsled aims of academic excellence, personal development, and social sponsibl11ty. we implement the following slrategies= 1. We deliver a broad and inclusive curriculum= Our curriculum fosters academic knowledge, critical thinking, and a deep understanding of global challenges. We integrate character education into all subjects to support sludents, personal growth. 2. We provide holistic support for sludents.. Our strong pastoral care syslems. mentorship programs. and life skills education prioriiise students. emotional, social. and mental wellbeing. We personalise learning and recognise effort, promoting resilience and self-belief. 3. We encourage ethical citizenship.. Students active engage in cornmunty service, environmental initiatives. and social justice programs, developing a strong sense of social responsibility and ethical living. 4. We empower our teachers and staff.. We provide ongoing professional development. leadership opportunities, and a culture of collaboration to ensure that all staff members embody and support the school's values. 5. We foster parental and community involvement.. We maintain strong communication with parents. encouraging their participation in school activities and charitable initiatives. Our partnerships with local organisations further enhan our social responsibilty efforts. 6. We promote reflective practIs.. We provide regular opportunrties for self-reflection and open dialogue, supporting conlinuous personal growth for both students and staff. Our student leadership initiatives empower individuals to take responsibility for living out the school's values. 7. We are committed to continuous improvement.. We regularfy evaluate our progress through feedback and transparent reporting to ensure that we consistenty achieve our mission of fostering academic. personal. and social developmenl. 8. Our Assembly and Whal Matters programmes encourage thoughtful responses to real issues whilst also encouraging appropriate actions to make a difference. 9. Our links wilh the Global Sion network provides opportunty for inlemational discourse around wodd issues and human responses to need. Through these strategies, we ensure that the school community lives out the values of consideration. compassion. and ethical responsibility, preparing students to thrive academically and as engaged global citizens.
OUR LADY OF SION SCHOOL, WORTHING TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Public benefit The trustees have considered the Charity Commission's general guidance on public benefft when revEwng the aims and objectives. The primary aim of the charitable company is the education of boys and girfs. 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 Ihal Ihe School is not being used for the advancement of education, it is lel 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. We offer bursaries and other assisted places to pupils who would benefit from being educated al Our Lady of Sion School. We offer subject scholarships and ethos scholarships.. Louise Humann Ratsibonne SapereAude (Sixth Fo) We offer our premises to local groups for a minimal fee (or free). We are proactive in offering support to local charities and global charilies and also local nursing homes Ihrough 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 programrne visits local homes for the elderty and disabled, performing music, poetry and readings. They also talk with the residenls. Our students have perfomed 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 2024 Achievements and perforniance ISI Inspectionlndependent Schools Inspectorate IISII Inspection- November 2023 In November 2023, Our Laty of Sion School underwent a full inspection by the Independent Schools Inspectorale IISI), under the revised inspection framework introduced in September of the same year. As one of the first independenl schools in the country lo be evaluated according to this new model, we are pleased lo rq)ort that Ihe school was found to be fulty compliant in all regulatory areas. The updated framework no longer provides an overall graded judgement (such as 'Excellent' or 'Good'}', rather, it focuses on schools, compliance wilh statutory requirements alongside a detailed qualitative evaluation of key areas. The inspection affirmed the school's robust educational provision and pastoral care. and provided encouraging commenlary across the following domains= Leadership and Management-. The leadership leam and goveming body were recognised for delivering a broad, personalised education that centres on pupil wellbeing. The inspection noted that govemors demonstrate clear understanding of their responsibilities and offer effedive oversight and challenge. Qualily of Education: Teaching across all phases, including the Earfy Years Foundation Slage and SEND provision, was described as effective. well-structured. and engaging, resulling in consistent pupil progress. Pupil Health and Wellbeing= Inspectors commended the school's proactive approach lo wellbeing, highlighting the strength of ils programmes and facilities in promoting both physical and emotional development. Social and Moral Development: The report obsep4ed a strong culture of respect, inclusion, and social responsibility. with pupils demonstrating awareness of and engagement in their wider community. Safeguarding.. Safeguarding procedures were judged to be effective. Staff were found to be welklrained and confident in their responsibilities. and pupils reported feeling safe and listened to. This report validales the school's ongoing commitment to educational excellence and the holistic development of every child. The fijll ISI report is available on the school's website. GCSE Results 2024 Our Lady of Sion School is proud to report another year of outstanding GCSE resutts, a refleclion of the dedication of our pupils, the professionalism of our staff, and the supportive environmenl cultivated across the school community. We firmty believe that when a child is truty kno and nurtured. exceptional outcomes will follow. This year's results powerfully demonstrate that belief in adion.. All subjects exceeded national pass rates (Grades ) Mathematics, Design & Technology, and Computer Science achieved results over 30 percentsge poinls above national figures at Grades An addilional eleven subjectwnduding Art, Drama, English, Food and Nulrition, French, Geography, History. Music, PE. Spanish, and Slatislics-achieved at least 20 percenlage poinls above Ihe nalional average For lop grades (7), pupils at Sion achieved resulls at least double the national average across a broad range of subjects in the arts. sCiens. and humanrties These outcomes affinn the success of our approach to educatio1mbInIng academic rigour with individualised pastoral support, high expectations, and a values4ed ethos. All sludents from Ihis cohorl progressed to further education. either continuing wtlhin our own Sixth Fomi Cenlre IVISionl or at other well-regarded institutions.
OUR LADY OF SION SCHOOL, WORTHING TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 A Level Results 2024 We are delighted to report another strong set of A Level results. exemplifying the academic commitment and resilience of our Sixth Fomi students and their teachers. 100 /¢ pass rate across all A Level entries 82 % of all grades awarded at A-. significantly exceeding national averages We extend particular commendation lo the departments of Biology, Law, Psychology, and Physical Edtion, where A, A and B grades. were substantialty above national benchmarks. Our broad and balanced Sixth Form curriculum conlinues lo support a diverse range of academic interesls and aspirations. The 2024 cohort reflected this breadth with.. 240/0 of A Level entries in STEM subjects 66.10 in Humanities and Social Sciences These figures highlight both our commitment to subject diversity and our success in fostering intellectual engagemenl across disciplines. Headteacher, Mr Steve Jeffery, remarked: "The tenacity and sheer hard work of our A Level students has resulted in a 100 % pass ratn achievement of which we are extremely proud. This communty recognises the considerable challenges fad by young people in recent years. and wholeheartedly applaud each individual for Iheir perseverance and resilience. These outcomes are a leslament to the strength of our teaching. the support systems we provide. and the spirit of the Sion communty-" The majority of our Sixth Fonn graduates progressed to higher education. wllh others pursuing apprenticeships or professional training routes. Each departs Sion as a confident. capable, and compassionate individual, fully prepared for the next slage of life and learning. Teaching and learning at Sion: Inspiring Minds. Nurturing Hearts At Sion, education is not simply about the transmission of knowledge. 11 is about igniling curiosity. foslering confidence, and cultivating a lifelong passion for leaning. From the moment a child joins us, they step into a vibrant, nurturing communty where every individual is seen, known, and lebrated. Early Years: Where Wonder Begins Our Eady Years provision is a place of wamrth. wonder, and welcome. We offer a true family environment where children feel safe, valued, and free to explore. It is here that the foundations of joyful leaming are laid. Through our caful curated Nursery. ImpresSION, our youngest learners become intrepid explorers. setting off on exciting adventures of discovery in a wodd designed just for them. Every corner of the space is crafted to spark imagination and a sense of awe. Through Tapestry, we lebrate and Irack each child's unique progress as they flourish across the seven aa5 of leaming. achieving their Eady Learning Goals in an environment alive with energy and purposeful play.
OUR LADY OF SION SCHOOL, WORTHING TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Junior School: A Community of Curiosity and Care In the Junior School, leaming is brought to life through imagination, laughter, and deep connectK)n. Here, we live by the principle Ihal each child is Known and Nurtured IKAN}. We believe that happy children are thriving children, and so emotional wellbeing sits at the heart of everything we do. Our inspiring, creative, and dynamic curriculum challenges and supports every child, encouraging resilience, independenl Ihinking, and a solution-focused mindset. We don't jusl prepa children for the next step in education- we prepare them for a world that is ever-changing. Our dedicated teachers are not only highly qualified and passionate bul deepty attuned to each learner's joumey. We foster talents, build confiden, and nurture polential, always ambitious for our pupils, progress and success. Academic achievement is closely monitored through both intemal assessments and national benchmarks. Regular reviews ensure Ihal all leamers, whether needing support or high-aplitude challenge, receive Ihe personalised attention they deserve. The consistency of our teaching approach and our exceptional pastoral care are the cornerstones of our excellence. Senior School: Where Thinking Deepens Further In the Senior School, students are invited into a rich. intellectualty stimulating environment where Higher Order Thinking Skills are al the forefront of leaming. They a encouraged lo question deeply, reason criticalty, and communicate with clarity and confidence. Through engaging wrth a broad and balanced curricUlun1nC1Udlng English, mathematics, science, the humanities. perfomiing arts, sport. compuling, and food and nulrition-students discover connections. develop insight, and begin to shape their unique voices. Beyond the classroom, a vibrant programme of extracurricular opportunities enriches school life, cuttivating leadership, self4iscipline. teamwork, and crealivity. Our inclusive community promotes mutual respect and meaningful relationships, bringing together students from diverse backgrounds and fostering a genuine sense of belonging. At Sion, we believe that the best education is one that fOS the whole person.. academicalty, emot'onalty, spiritually, and socially. VISion: Sixth Form with Purpose Our Sixth FoTh, known as VISion, provides a powerhjl bridge to adulthood. In the supportive embrace of a familiar community, studenls are given Ihe space, guidance, and inspiralion to flourish. VISion is about more than academic success,. it is about preparing young people to lead with integrity. to think independentty, and to face the future with confidence. Students are encouraged to lake on meaningful responsibilities wtthin the school. contributing to community life through leadership and servi. Our curriculum is both rigorous and responsive, blending traditional excellence with innovation in lechnology, digttal media, and Al. Whether headed for university, a creative industry, or an entrepreneurial path. every young person leaves Sion equipped with not onty knowledge but the wisdom and courage lo use it well. Sion Education: A Mission That Matters Above all, Sion is about connection-behveen students and teachers, beeen families and the school, bebNeen learning and lrfe. Our mission is rooted in love, hope, and the belief that every child holds immense potential waiting to be discovered and nurtured. Sion students do not just achieve. They thrive. And in doing so, they are empowered to make their mark on the world.
OUR LADY OF SION SCHOOL, WORTHING TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Financial review The Statement of Financial Activities (SOFA) can be found on page 15. The net movement in funds fcT the year to 31 August 2024 is a deficit of £336,484 12023.. £37,859 deficit)- Total incoming resources reduced by £65,989, to £4,204,216 and total expenditure increased by £357.645 to £4,652,861. There was a gain on investments of £112,161 12023 £12,848 loss). Depreciation charges for the year amounted to £169,107 {2023= £152,459), so the operating deficil before depreciation was £279,538 (2023 £127,448 surplus). As an independent school we are tasked vth delivering exceptional education, and must navigate 8 delicate balan between aCSSibl11ty. quality. and sustainability- The majority of the school's income was generated from pupil fees. The school's policy is to ensure that its income after deduction of operating expenses is invested in Ihe school lo ensure the highest slandards in the education and facilities provided lo ils pupils. This pasl year has proved lo be very challenging. with the effects of the poor economic climate being fell by parents, as well as the school. Not only has this resulted in increased costs, but has affected parents, decisions about invesling in independent education, reflected in lower pupil numbers. Also, we have been focusing on how scholarships and bursaries, retention of teaching and support staff, and reinvestment of fees will shape our future, given the polenlial of VAT on school fees, and Ihe wf(hdrawal of Business Rates relief. In pursuit of our mission lo provide an inclusive leaming environment, scholarships and bursaries have played a pivotal role. These financial aids have not onty made education accessible to a broader spectwm of students but have also enriched our school community with diverse talents and perspectives. By allocating a portion of our budget towards these initiatives. we've ensured Ihal financial constraints do not impede the pursuit of knowledge, development and opportunty. Through careful assessment and transparent processes, we've endeavoured to idenlify and support desetving individuals, fostering a culture of equal opportunty. The Ratisbonne Scholarship looks lo financially supporl younger pupils who show a voracious appelile for learning. The Louise Humann scholarship looks to support children who may have experienced difficulty during the lockdown period, and subsequently require support returning to an educalion environment. These scholarships are given in the Sion spirit of the school. supporting families who would benefft from the small and pastoral enmronment the school offers. The local reputalion of the school is strong and we look to strengthen these community links. These efft)rts have helped increase the school's visibility, resuIng in a higher nurnber of enquiries and hopefully suessful student conversions in the coming years. The school's investment portfolio reported a value of £1,621.505 (2023 £1,492,084} at the year-end. The investment porffolio is managed by Iwo differenl investment managers which minimises the charity's risk in Ihis area as they have been provided with different profiles and remits. The investment managers met with Finance & General Purpose Committee during the yearto discuss the perfonnance and risk profile of each fund. ReseNes policy As at 31 August 2024 reserves totalled £2,538.936 {2023 £2.875.420) with £14,672 12023 £14,117) held as restricted funds and £21,861 12023 £21,122) as designated reSee$. This leaves unrestricted funds of £2,502,403 {2023 £2,840,181) which, when fixed assets of £941,974 (2023 £945,306) are ignored, leaves free reserves of £1,560,429 12023 £1,894,875). the majority of which are invested at the year end. The Govemors have set a reserve policy of ensuring that the School has the equivalenl of a minimum of six months expenditure held in reserves. The governors are comfortable that the Charity remains a going concem and therefore the adoption of the going concern basis for preparing the financial statements remains appropriate.
OUR LADY OF SION SCHOOL, WORTHING TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Major risks The trustees have a risk management strategy vthich comprises: An annual review of risks the charitable company may face collated on a risk register The establishment of systems and procedures to mttigate those risks. identified on the register with appropriate owners A lermly review of the risk register by the relevant committee The implementation of prOdureS designed to minimise any potential impact on the charitable company should those risks materialise Particular attention has continued to focus on non-financial risks arising from the care of children or other people, slaff or visitors, who may attend Ihe School. As well as the laws on child protection and heatth and safely issues the School reviews its servIs, financial and general exposure to risk on an ongoing basis. Sion School is responding proactivety to a sustained dedine in student enrolment, which reflects broader demographic shifts. and economic pressures on families along with rising operational cosls which lead to higher fees. In light of these challenges, the Govemors and School Leadership Team have undertaken a strategic review of Ihe school's operations. with a clear focus on ensuring long-term financial sustainability- This has involved aligning staffing structures and class configurations with projected pupil numbers and associated income across both the Junior and Senior Schools. Measures taken are designed not only to redu costs. but also to enhance the leaming environment by fostering grealer energy and engagement within appropriately sized classes. At the same time, the school continues to innovate, notably through the development of a Wellbeing Curriculum that responds to growing concerns around youth mental health and screen dependency. Interest from prospective families remains slrong. with Sion's calm. nurturing atmosphere and individualised approach continuing to appeal, particularty to those seeking a values-led education and supportive setting for children with additional needs. With a revised capacty of 320 pupi15 and a financial breakven point of approximately 257. we are focused on targeted pupil growth supported by a new partnership with award-winning agency Molokini, whose work is helping lo amplfy the school's distinct strengths and reputation in a costffective and impacttul manner. Structure. governance and management rnin The charitable company is a company limited by guarantee, governed by its Memorandum and Articles of Associalion which were drawn up on 26 January 2007. The liability of members is limited lo £10. The charitable company registered with the Charity Commission on 29 October 2007 and began its first period trajing as an independenl charity on 1 January 2008 under charity number 1121398. min Our Lady of Sion School Govemors, as the trustees of the charitable company. are legalty 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 slralegic objectives for the School. The Board of Governors shall consisl, when complete, of nol less Ihan eight and not more and fourteen competent persons. At each AGM, a third of all Co-opted Govemors shall retire and as appropriate appty for re-appointment. The work of monitoring ihe implementation of the ffinan strategy is carried out by the members of the Finance and General Purposes Committee {F&GPI. Other principal committees are convened when necessary. The day to day running of Ihe School is delegated to the Headteacher supported by Senior Management Teams, logether wilh Ihe Bursar. The Headteacher and the Bursar attend meetings of the above Committees. The School is subject to the inspection regime set in pla by the govemment. and the resulting inspection reports are posted on the school websf(e.
OUR LADY OF SION SCHOOL, WORTHING TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 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-llles Mrs K Henwood Mr A Talati Mr S Callaghan Mr A Puglia Mr G Rawlinson Mr R Sparkes ProfA Cundy MrsJ Dahill Mrs T Raeburn Mrs I Wilkinson Mr R Allingham Mr S Tefler (Resigned 31 August 2024) (Resigned 30 September 2023) (Resigned 31 August 2024) (Appointed 1 September 2023 and resigned 21 March 2024) (Appointed 23 January 2025) Recruitment and appointment of tnistees New trustees are inducted into the workings of the School by way of a thorough briefing by the Headleacher and the Chair of Govemors, followed by a full tour of the School. All trustees are also encouraged to visit the School on a regular basis by arrangemenl with the Headmaster. Trustees are encouraged to attend appropriate external training events vthere these will facilitate the undertaking of their role, or assist Ihem with speufic areas of responsibilty. The Committees of which the trustees are members are: Full Governing Body Committee Finance & General Purposes Committee, induding Marketing Pay Review Committee Health & Safety Committee Education Committee Governance Committee Relationship with related parties The School is closety associated with the Congregation of Our Lady of Sion, (the Orderl. Prior to independence the School was owned and ullimatety controlled by the Order, bul managed on a day-lo-day basis by the Board of Governors. The School became an independent charity on 1 January 2008, although The Order retains ownership of the school propety. A monthty rental payment is made through a lease agreement. Statement of trustees. responsibilities The trustees, who are also the directors of Our Lady of Sion School, Worthing for the purpose of MpanY law, are responsible for preparing the Trustees. Report and the financial statements in accordance with applicable law and Uniled Kingdom Accounting Slandards (United Kingdom Generalty Accepted Accounting Practice}. Auditor In accordance with the company's articles. a resolution proposing that Alliotts LLP be reappointed as auditor of the company will be put al a General Meeting.
OUR LADY OF SION SCHOOL, WORTHING TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Disclosure of infomiation to auditor Each of the trustees has confimied that there is no InfOatIOn 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 idenlify such relevant information and to eslablish that the auditor is aware of such infomation. The trustees, report was approved by the Board of Trustees. IralliénfieHeniiiood' Mrs K Henwoo Trustee lffay 27. 2025. 10".02aml 27 May 2025 Date.. 10-
OUR LADY OF SION SCHOOL, WORTHING INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OUR LADY OF SION SCHOOL, WORTHING Opinion We have audited the financial staternents of Our Lady of Sion School. Worthing (the 'charitable company'l for the year ended 31 August 2024 which comprise the statement of financial activitr'es, the balance sheet, the statement of cash flows and notes lo Ihe financial stalemenls, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards. induding Financial Reporting Standard 102 The Financial Reporting Standarf applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial slatemenls= give a true and fair view of the state of the charitable company's affairs as at 31 August 2024 aTrJ of its incoming resources and application of resources. including tls income and expenditure. for the year then ended; have been property prepared in accordance with United Kingdom Generalty Accepled Accounting Practi., and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducled our audit in accordance with Intemalional Slandards on Auditing (UK) (ISAS (UKII and applicable law. Our responsibilities under those standards are further described in the Auditorfs responsibilities for the audit of the financial slatements section of our report. We a independenl of the charitable company in accordance with Ihe 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 wilh 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 conduded that the trustees. use of the going concem basis of accounting in the preparation of the financial statements is appropriate. Based on Ihe work we have perfomied, we have not identified any material uncertainties relaling lo events or conditions that, individualty or collectivew. may cast significant doubt on the charttable company's ability to continue as a going concern for a period of at least twelve months from when the financial statemenls are aulhorised for issue. Our responsibililies and the responsibiltties of the trustees with respect to going concern are described in the relevant sections of this report. Other inforniation The other infomialion comprises the information included in the annual report other than Ihe finarcial slatemenls and our auditor's report Ihereon. The trustees are spOnsible for the other infomialion contained within Ihe annual report. Our opinion on the financial statements does not cover the other infomiation and, except to the extent olhetwise explicitty stated in our report, we do nol express any form of assurance conclusion thereon. Our responsibility is to read the other inforrnation and. in doing so, consider whether the other information is materially inconsislenl with the financial stalemenls or our knowledge obtsined in the course of Ihe audit, or othetwise appears to be materialty misstated. If we identfy such material inconsistencies or apparent material misstatements, we are required to detemiine whether this gives rise to a material misstatement in the financial statements themselves. If, based on Ihe work we have perfonned. we condude that there is a malerial misstalemenl of this olher infomation. we are required to report that fact. We have nothing to report in this regard. 11
OUR LADY OF SION SCHOOL, WORTHING INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS 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= the infoThation given in the trustees. report for the financial year for which the financial statements are prepared, which includes the directors, report prepared for the purposes of company law. is consistenl wilh the financial statements., and the directors, report included within the trustees, report has been prepared in accordance with applicable legal requirements. 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 oblained in Ihe course of the audit. we have not identified material misstaternents in the directors, report included within the trustees. report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report lo you if, in our opinion= adequate accounting records have not been kept, or retums adequate for our audit have not been received trom branches not visiled by us- or the financial statements are not in agreement with the accounting records and retums,. or certain disclosures of Iruslees. remuneration specffied by law are not made., or we have not received all the information and explanations we require for our audit- or the Iruslees were not entitled to prepare the financial statements in accordance with Ihe small companies regime and take advantage of the small companies. exemptions in preparing the trustees, report and from the requirement to prepare a strategic report. Responsibilities of trustees As explained MO fulw in the slatement of trustees, spOnsibl1111e$. the Iruslees, who are also the directors of Ihe charitable company for the purpose of company law. are responsible for the preparation of the financial statements and for being salisfied that they give a true and fair view, and for such inlemal control as the Iruslees determine is necessary io enable the preparation of financial ststements that are free from material misslatemenl, 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 concem 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 aernative but lo do so. 12-
OUR LADY OF SION SCHOOL, WORTHING INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF OUR LADY OF SION SCHOOL, WORTHING Auditorfs responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a Who are free from material misstatement, whether due to fraud or eOr. and to issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance bul is nol a guarantee Ihal an audil conducled in accordance with ISAS IUKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material rf, individually or in the aggregale, they could reasonably be expecled to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud. are instances of non-compliance laws and regulations. We design procedures in line with our responsibilities, outlined above. to detect material misstatements in respect of iegUlar1ties, including fraud. The exient to which our procedures are capable of detecting irregularities, including fraud, is detailed below. the engagement partner ensured that the engagemenl leam collectivety had the appropriale competen, capabilities and skills to identify or recognise non-complian with applicable laws and regulations., we identified the laws and regulations applicable to the company through discussions with trustees and other managemenl, and from our commercial knowledge and experience of Ihe education seclor., we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operalions of the charitable company, including the Companies Acl 2006, taxation legislation and data protection, anti-bribery. employment. health and safety legislation.. we assessed the extent of Complian with the laws and regulalions identified above through making enquiries of management and inspecling legal correspondence., and identified laws and regulations were communicated within the audit team regularty and the team remained alert to instan$ of non-compliance throughout the audr(. We assessed Ihe susceplibility of Ihe charitable company's financial ststements lo material misslatement, including obtaining an understanding of how fraud might occur. by= making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud- considering the intemal controls in pla to mitigate risks of fraud and non-complian with laws and regulations- and understanding the design of the charitable company s remuneralion policies. To address Ihe risk of fraud through management bias and override of controls. we.. perfoned analytical procedures to identify any unusual or unexpected relationships., tested journal entries to identify unusual Iransaclions- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias., and invesligaled Ihe rationale behind significant or unusual transactions. In response lo the risk of irregularities and non-compliance wtth laws and regulations, we designed procedures which included, but were not limited to= agreeing financial slatement disclosures to underfying supporting documentation- reading the minules of meelings of the Board of Govemors.. enquiring of management as to actual and potential litigation and claims.. and reviewing correspondence with HMRC, relevant regulators and the company's legal advisors. There are inherent limitalions in our audit procedures described above. The more removed thal laws and regulations are from financial transactions. the less likety it is that we would become aware of non-compliance. Auditing standards also limit the audit ProdureS required to identrfy non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulalory and legal correspondence. if any. Material misstalements Ihal arise due to fraud can be harder to delecl Ihan those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities is available on the Financial Reporting Council's website at= https.'Il www.frc.org.uklauditorsresponsibilities. This description fonns part of our audrtorfs report. 13-
OUR LADY OF SION SCHOOL, WORTHING INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF OUR LADY OF SION SCHOOL, WORTHING Use of our report This report is made solety to the charitable company's rnembers. as a body. in accordan with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitatle company's members those matters we are required to slate to them in an audttor's 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 charitsble company's members as a body, for our audit work, for this report, or for Ihe opinions we have formed. S4.•.. A4_a,4L edith ste°OlenTh4 &111 A'F6A IsA (Senior Statutory Auditor) ere For and on behalf of Alliotts LLP. Statutory Audttor Chartered Accountants 3 London Square Cross Lanes Guildford GU1 1UJ 27 May 2025 Date.. 14-
OUR LADY OF SION SCHOOL, WORTHING STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 AUGUST 2024 Current financial year Unrestricted Unrestricted funds funds general designated 2024 2024 Restricted funds Total Total 2024 2024 2023 Notes Income and endowments from- Donations and legacies Charitable activities Investments Other income 2.970 4.173,195 20.562 6.195 2,970 4.173,195 21,856 6,195 2,686 4,239,299 18,642 9,578 739 555 Total income 4.202.922 739 555 4,204,216 4,270,205 Expenditure on: in Fundraising and publicty Investment management 45.731 {2.500} 45.731 {2,5001 24.131 9,500 43,231 43,231 33,631 Teaching Welfare Premises Support 2.822.353 47.677 775,568 964,032 2.822,353 47.677 775,568 964,032 2,575,606 42.753 729,494 913,732 Totsl charitable expenditure 4,609,630 4,609,630 4,261,585 Total expenditure 4.652.861 4.652,861 4,295,216 Net gainslllosses) on investments 13 112.161 112,161 (12,8481 Net incomel{expenditure) and movement in funds (337,778) 739 555 {336,484) (37,8591 Reconciliation of funds: Fund balances at 1 September 2023 2,840.181 21.122 14,117 2.875,420 2,913,279 Fund balances at 31 August 2024 2.502,403 21.861 14.672 2.538,936 2,875,420 The statement of financial activities indudes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. 15-
OUR LADY OF SION SCHOOL, WORTHING STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 AUGUST 2024 Prior financial year Unrestricted Unrestricted funds funds general designated 2023 2023 Restricted funds Total 2023 2023 Notes Income and endowments from- Donations and legacies Charitable activities Investments Other income 2.686 4.239.299 17.886 9.578 2,686 4,239.299 18,642 9.578 324 432 Total income 4.269.449 324 432 4,270.205 Expenditure on: in Fundraising and publicty Investment management 24.131 9.500 24,131 9,500 33,631 33,631 Teaching Welfare Premises Support 2,575,606 42.753 729,494 913,732 2,575,606 42,753 729.494 913.732 Total expenditure 4.295.216 4,295,216 Net gainsl(losses) on investments 13 {12,848) (12,8481 Net in¢omel{expenditure) and movement in funds (38.615) 324 432 {37.8591 Reconciliation of funds-. Fund balances at 1 September 2022 2,878,796 20,798 13,685 2,913,279 Fund balances at 31 August 2023 2.840.181 21,122 14,117 2,875,420 16-
OUR LADY OF SION SCHOOL, WORTHING BALANCE SHEET AS AT 31 AUGUST2024 2024 2023 Notes Fixed assets Tangible assets Investments 15 16 941.974 1,621,505 945,306 1,492,084 2.563,479 2,437,390 Current assets Debtors Cash al bank and in hand 17 250,127 1.215.230 225,665 997,213 1.465.357 1.222.878 Creditors: amounts falling due within one year 18 {1.165.910) {707,898) Net current assets 299.447 514.980 Total assets less current liabilities 2.862.926 2,952.370 Creditors: amounts falling due after more than one year 19 {323.990) (76.9501 Net assets 2.538.936 2,875.420 The funds of the charitable company Restricted income funds Unrestricted funds - general Unrestricted funds- designated 22 24 23 14.672 2.502,403 21.861 14,117 2,840,181 21.122 2,538.936 2,875.420 27 May 2025 The financial statements were approved by the trustees on ......................... 4(&t4)eriNe*lermredlfrfray 27, 2025, 10'.02aml Mrs K Henwood Trustee Company regislration number 06084975 (England and Wales) 17-
OUR LADY OF SION SCHOOL, WORTHING STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2024 2024 2023 Notes Cash flovts from operating activities Cash generated from operations 28 375,843 108,087 Investing activities Purchase of tangible fixed assets Proceeds from disposal of tangible fixed assels Purchase of investments Proceeds from disposal of investments Investment income received (169,012) {128,177) 2,743 1912.165) 898,752 21.856 (880,560) 862,788 18,642 Net cash used in investing activities {157.826) 1127.3071 Net cash generated from financing activities Net increaselldecreasel in cash and cash equivalents 218,017 {19,220) Cash and cash equivalents at beginning of year 997,213 1,016,433 Cash and cash equivalents at end of year 1,215,230 997,213 18-
OUR LADY OF SION SCHOOL, WORTHING NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accounting policies Charity infonnation Our Lady of Sion School, Worthing is a charilable company limited by guarantee incorporaled in England and Wales. The registered o)Tice is GraiCke Road, Worthing, West Sussex, BN1148L. 1.1 Accounting convention The financial slatements have been prepared in accordance with Ihe charitable company's Memorandum and Articles of Association. the Cornpanies Act 2006. FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland. I"FRS 102°) and the Charitr'es SORP"Accounting and Reporting by Charities= Statement of Recommended Practice applicable to chartlies preparing their accounts in accordance with Ihe Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102)" (effective 1 January 2019). The charitable company is a Public Benefft Entity as defined by FRS 102. The financial slatements are prepared in sterfing, which is the funclional currency of the charitsble company. Monetary amounts in Ihese ffinanaI stalemenls are rounded lo the nearest £. The financial statemenls have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. 1.2 Going concern At the lime of approving the financial stalemenls, the Iruslees have a reasonable expeclation that Ihe charitable company has adequate reSoUrS to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concem basis of accounting in preparing the financial slatements. 1.3 Charitable funds Unrestricted funds are available for use at the dIStIon of the Iruslees in furtherance of their charitable objectives. Reslricled funds are subject lo restrictions on their expendtlure imposed by the donor or Ihrough the terms of an appeal. General funds are unrestricted funds which are available for use at Ihe discretion of Ihe truslees 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 furtheran of the charitable company's objectives 15 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 slated after deducting allowances, scholarships and other remissions granted by the school. Fees received in advance of education to be provided in fijture years under an Advance Fee Paymenls Scheme contract are held as liabilities until either taken lo income in Ihe term when used or else refunded. Donations re1vable 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 lo restricted funds. Legacies are recognised on receipt or otherwse if the charitable company has been notified of an inpending distribution, the amount is known. and receipl is expecled. If the amount is not known, the legacy is treated as a contingent asset. 19-
OUR LADY OF SION SCHOOL, WORTHING NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Accounting policies {Continuedl Income from govemmeni grants is recognised at the fair value of the assel 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 perfomiance conditions are met. ere a grant does not specify perforrnance conditions it is recognised in income when the proceeds are recewed or receivable. A grant received before the recognilion criteria are satisfied is recognised as a liability. Other operating income is accounted for on an accruals basis. 1.5 Expendilure Expenditure is recognised On there is a legal or constructive obligation to transfer economic benefit to a Ihird paty, il is probable that a transfer of economic benefits will be required in setuemenl, and the amounl of the obligation can be measured reliabty. Expenditure is classrfied by activity. The costs of each activty are made up of Ihe total of diwl cosls and shared costs, induding support costs involved in undertaking each activity. Direct costs attributat4e to a single activity are allocated directly to Ihat aclivity. Shared costs which contribule to more than one activity and support costs which are not attributable to a single aclivity 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 deprecialion charges are allocaled on the portion of the asset's use. Expenditure is accounted for on an accruals basis. Overhead and other costs not directty attributable to particular functional aclivity categories are apportioned over the relevant categories on Ihe basis of managemenl estimates of the amount attribulable lo that aclivity in the year, etther by reference to staff time or space occupied. as appropriate. The IeCoVerable element of VAT is included the item of exnse to which il relales. Governance costs comprise the cosls of running the charitable company, including strategic planning for its future development, also extemal audit, any legal advi for the school, and all the costs of complying with constitulional and slatulory requirements, such as Ihe costs of Board and Committee meetings and of preparing slatulory accounls and salisfying public accountsbility- 1.6 Tangible fixed assets Tangible fixed assels are initially measured at cost and subsequenlly measured al cost or valuation, nel of depreciation and any impairment losses. Depreciation is recognised so as to wrile off the cost or valuation of assels less their residual values over their useful lives on the following bases= Leasehold improvements Plant and equipment Computer equipment Motor vehicles 5 % per annum straight-line 250/0 per annum straight4ine 33.33°/o per annum straight-line 250/0 per annum reducing balance The gain or loss arising on the disposal of an asset is delemiined as the difference beeen Ihe sale proceeds and the carrying value of the asset. and is recognised in the staternent 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 reFrtIng date. Changes in fair value are recognised in net incomel{expendtturel for the year. Transaction costs are expensed as incurred. -20-
OUR LADY OF SION SCHOOL, WORTHING NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Accounting policies {Continuedl 1.8 Impairnient of fixed assets At each reporting end date, Ihe charitable company reviews Ihe carying amounls of ils tangible assets to determine whether there is any indication that those assets have suffered an impaim)ent loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairmenl loss lif 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 rnonths or less. and bank overdrafts. Bank overdrafts are shown within borrowings in current liabiliti'es. 1.10 Financial instruments The charitable company has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 '0ther Financial Instrurnents Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charttable company's balan sheet when the charitable company becomes paty to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when Ihere is a legally enforceable right to set off the recognised amounts and there is an intention lo settle on a net basis or to realise the asset and settle the liability simuttaneousty. Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are inilially measured at Iransaclion price including transaction costs and are subsequently carried al amortised cost using the effective interest method unless the aangement constitutes a financing transaction, where the transaction is measured at the presenl value of the future receipts discounted at a markel rale of interest. Finanaal assets classified as receivable wthin one year are not amortised. Basic financial liabilities Basic financial liabilities, including creditors and bank loans are initially recognised at Iransaclion price unless the arrangement conslilutes a financing transaction. where the debt inslrumenl is measured al the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are nol amortised. Debl instruments are subsequenlty carried at amortised cost, using the effective interest rale method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounls payable are classified as currenl liabililies if payment is due within one year or less. If not, they are presented as non-currenl liabilities. Trade creditors are recognised initially at Iransaclion price and subsequenlty measured at amortised cost using the effeclive interesl method. Derecognition of financial liabilities Financial liabilities are derecognised vthen the charitable company's contractual obligations expire or are discharged or cancelled. 1.11 Employee benefits The cost of any unused holiday entillement is recognised in the period in which the employee's services are reived. Temiination benefits are recognised immediatety as an expense when the charitable company is demonstrably committed to temiinate the employment of an employee or to provide temiination benefits. 21
OUR LADY OF SION SCHOOL, WORTHING NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Accounting policies {Continuedl 1.12 Retirement benefits The school participates in two multi*mployer pension schemes. The Aviva {APTISI Defined Benefits Scheme is used for its teaching staff and the Pensions Trust Defined Benefit scheme for support staff, afler leaving the Teachers Pension Scheme in September 2020. The contributions by the school are determined by the Scheme Actuary and advised to Ihe school by the Scheme Administralors. As the schemes are multkemployer schemes and the school cannot identfy its share of the assets and liabilities, in accordan with FRS 102, the schemes are accounted for as defined contribution schemes. 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 Ihat are considered to be relevant. Actual resulls may differ from these estimates. The estimates and undetying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in Ihe period in which the estimale 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. Income from donations and legacies Unrestricted funds 2024 Unrestricted funds 2023 Donalions and gifts 2,970 2,686 -22-
OUR LADY OF SION SCHOOL, WORTHING NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Incoming resources from charitable activities School fees Registration Addrtional educational charges 2024 Totsl Total 2024 2024 2024 2023 Incoming reSoUrS from charitable aclivilies 4,071.921 550 100,724 4.173,195 4,239,299 For the year ended 31 August 2023 4.167.595 1.275 70,429 4,239,299 2024 2023 The school fees income comprises.. Gross school fees Less.. bursaries Less.. Sixth Form fee remission 4.910,721 (616,048) (222,752) 4,954,935 1603,7211 1183,6191 4.071.921 4,167.595 Income from investments Unrestricted Unrestricted Restricted funds funds funds general designated 2024 2024 Total Unrestricted Unrestricted Restricted funds funds funds general designated 2023 2023 Totsl 2024 2024 2023 2023 Income from listed investments Interest receivable 10,190 10,190 12,117 12,117 10.372 739 555 11.666 5,769 324 432 6,525 20.562 739 555 21,856 17.886 324 432 18.642 -23-
OUR LADY OF SION SCHOOL, WORTHING NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Other income Unrestricted Unrestricted funds funds 2024 2023 Nel gain on disposal of tangible fixed assets Other income 1,230 4.965 9.578 4.965 9.578 Expenditure on raising funds Unreslri¢ted Unrestricted funds funds 2024 2023 Advertising and publicity Advertising and Publicity 45.731 24,131 Investment management (2.5001 9,500 Tolal costs 43,231 33.631 Expenditure on charitable activities Teaching 2024 Welfare 2024 Premises 2024 Support 2024 Total 2024 Direct costs Staff costs Deprecialion and impaimient Other Costs 2.344.157 38.342 439.854 22,326 130,765 622,477 674.741 3,041,224 169,107 1,368,852 47.677 258.844 2.822.353 47.677 775,568 933,585 4,579,183 Share of support and governance costs (see note 9) Govemance 30,447 30,447 2,822,353 47,677 775,568 964,032 4,609,630 Analysis by fund Unrestricted funds - general 2.822.353 47.677 775.568 964.032 4,609,630 -24-
OUR LADY OF SION SCHOOL, WORTHING NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Expenditure on charitable activities (Continued) Previous year: Teaching 2023 Welfare 2023 Premises 2023 Support 2023 Total 2023 Direct costs Staff costs Depreciation and impaimient Other Costs 2.108.794 31.400 435.412 40.170 121,066 568.258 686,936 2,835.900 152,466 198.264 1,244,687 42.753 2.575.606 42.753 729.494 885,200 4,233.053 Share of support and governance costs (see note 9) Govemance 28,532 28,532 2.575.606 42.753 729,494 913,732 4,261,585 Analysis by fund Unreslricled funds - general 2.575.606 42.753 729.494 913.732 4,261,585 Support costs allocated to activities Teaching 2024 Total 2023 Govemance 30,447 28.532 2024 2023 Govemance costs comprise- Staff costs Audit fees Sundry 11,366 18,828 253 6.352 21.086 1,094 30,447 28,532 10 Net movement in funds 2024 2023 The net movement in funds is stated after chargingl{crediting)'. Fees payable for the audit of the charity's financial staternents Depreciation of owned tangible red assets Profil on disposal of tangible fixed assets 18,828 170,831 (1,230) 21.086 152,466 -25-
OUR LADY OF SION SCHOOL, WORTHING NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 11 Trustees Three govemors received reimbursed training and travel expenses of £495 in the year12023.' hvo governors received reimbursed training and Iravel expenses of £576). 12 Employees The average monthly number of employees during the year was: 2024 Number 2023 Number Teaching Support 44 45 45 43 Tolal 89 88 Employment costs 2024 2023 Wages and salaries Social security costs Olher pension costs 2,474,019 231.577 346,994 2,307,879 214,937 319,436 3,052,590 2,842,252 Included in the above is a termination payment which was rnade during the year to three former empbyees of £35,421 {2023= £14,610)- The number of employees whose annual remuneration was more than £60,000 is as follows.. 2024 Number 2023 Number £60,000- £69,999 £70,000- £79,999 £80,000- £89,999 £90,000- £99,999 £100,000- £110,000 In conneclion wilh the higher paid employees. relirement benefits are accruing under a multi-employer defined benefrt scheme for the 4 employees (2023.. 3)- The total employer contributions in the year to the scheme were £49,931 12023.. £37,974). -26-
OUR LADY OF SION SCHOOL, WORTHING NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 13 Gains and losses on investments Unrestricted Unrestricted funds funds 2024 2023 Gainsl{losses} arising on: Revaluation of investments Sale of investrnents 96,032 16.129 (13,4701 622 112,161 112,8481 14 Taxation The company is a registered charity and therefore no liabilty to taxation arises on its charitable activities. 15 Tangible fixed assets Leasehold improvements Plant and equipment Computer equipment Motor vehicles Total Cost At 1 September 2023 Addilions Disposals 1.568,916 24.6 493.346 107.635 458,883 36.733 58,686 2,579,831 169.012 126,8681 {26,8681 At 31 August 2024 1.593,560 600.981 495,616 31,818 2,721,975 Depreciation and impainnent At 1 September 2023 Depreciation charged in the year Eliminated in respect of disposals 777,989 80.932 413,688 45.480 387,079 44,068 55,769 351 {25,3551 1,634,525 170.831 (25,3551 At 31 August 2024 858,921 459.168 431,147 30,765 1,780,001 Carrying amount At 31 August 2024 734,639 141,813 64,469 1,053 941,974 At 31 August 2023 790.927 79.658 71.804 2,917 945.306 -27-
OUR LADY OF SION SCHOOL, WORTHING NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 16 Fixed asset investments Listed investments Cash in portfolio Total Cost or valuation At 1 September 2023 Additions Valualion changes Disposals 1.471.398 912.165 99.879 (866,534) 20,686 1,492.084 912,165 83.790 1866,5341 {16,089) At 31 August 2024 1,616,908 4,597 1,621,505 Carrying amount At 31 August 2024 1.616.908 4,597 1,621.505 At 31 August 2023 1,471.398 20,686 1,492.084 17 Debtors 2024 2023 Amounts falling due within one year. Trade debtors Other debtors Prepayments and accrued income 160,682 11,478 77,967 176.366 2,832 46.467 250,127 225.665 18 Creditors: amounts falling due within one year 2024 2023 Notes Other taxation and social security Deferred income Payments reiVed on account Trade creditors Other creditors Accruals 53,191 720,019 9,750 360,584 6,630 15,736 53,590 466.774 {7,7501 62.871 55,415 76.998 20 1.165.910 707.898 -28-
OUR LADY OF SION SCHOOL, WORTHING NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 19 Creditors: amounts falling due after more than one year 2024 2023 Notes Deferred income Paymenls received on account 20 275,490 48,500 76.950 323,990 76.950 20 Deferred income 2024 2023 Arising from fees reiVed in advance 995,509 466.774 Deferred income is included in the financial statements as follows= 2024 2023 Deferred income is induded within- Current liabilities N0n-cuent liabilities 720,019 275,490 466.774 995,509 466,774 Movements in the year.. Deferred income al 1 September 2023 Released from previous periods Resources deferred in the year 466,774 {466,774) 995,509 507.367 1507,3671 466.774 Deferred income al 31 August 2024 995,509 466.774 21 Retirement benefit schemes 2024 2023 Defined contribution schemes Charge lo profit or loss in respect of defined contribution schemes 346,994 319,436 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 independendy administered fund. The amounl outstanding at the year end and included VthIn creditors is £20,403 {2023= £32,111) -29-
OUR LADY OF SION SCHOOL, WORTHING NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 22 Restricted funds The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used. At1 September 2023 Incoming At 31 August resources 2024 Sisler Maura appeal fund Mr R Hale 4.573 9,544 180 375 4,753 9,919 14,117 555 14,672 Previous year: At1 September 2022 Incoming At 31 August resources 2023 Sisler Maura appeal fund Mr R Hale 4.433 9,252 140 292 4,573 9,544 13,685 432 14,117 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 vistted and helped wthin an orphanage in Carnbodia. 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 2024 23 Unrestricted funds - designated The income funds of the charity indude the following designated funds which have been set aside out of unreslricted funds by the trustees for specffic purposes: At1 September 2023 Incoming At 31 August resources 2024 Govemors, fund Maintenance fund 200 20,922 200 21,661 739 21,122 739 21,861 Previous year: At1 September 2022 Incoming At 31 August resources 2023 Govemors, fund Maintenance fund 200 20,598 200 20,922 324 20,798 324 21,122 24 Unrestricted funds The income funds of the charity include the following designated funds which have been sel aside oul of unrestricted funds by the trustees for specific purposes= At1 September 2023 Incoming resources Resources expended Gains and At 31 August losses 2024 General funds 2.840.181 4.202.922 14,652,861) 112,161 2,502.403 Previous year: At1 September 2022 Incoming resources Resources expended Gains and At 31 August losses 2023 General funds 2,878,796 4.269,449 (4,295,216) {12,848) 2,840,181 31
OUR LADY OF SION SCHOOL, WORTHING NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 25 Analysis of net assets between funds Unrestricted Unrestricted funds funds general designated 2024 2024 Restricted funds Total 2024 2024 Fund balances at 31 August 2024 are represented by: Tangible assets 941.974 Investments 1,621,505 Currenl asselsl(liabilities) 262.914 Long term liabilities (323,990) 941,974 1,621,505 299,447 1323,9901 21.861 14,672 2.502.403 21,861 14,672 2,538,936 Unrestricted Unrestricted funds funds general designated 2023 2023 Restricted funds Total 2023 2023 Fund balances at 31 August 2023 are represented by: Tangible assets 945,3C Investments 1.492.084 Current assetsllliabiliiies) 479,741 Long ierm liabilities {76.950) 945,306 1,492,084 514,980 (76.9501 21,122 14,117 2.840.181 21.122 14.117 2,875.420 -32-
OUR LADY OF SION SCHOOL, WORTHING NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 26 Operating lease commitments At the reporting end date the charitable company had outstanding commttments for future minimum lease payments under non-cancellable operating leases, which fall due as follows= 2024 2023 Within one year Between two and five years 220,023 554.729 181,110 579,811 774.752 760.921 The School leases its property from The Congregation of Sisters of Our Lady of Sion, "The Ordel,. on a long term lease. A rent review is undertaken every 5 years with the most recent one in 2023. The lease commitment above represenls the total payments due to The Order until the next rent review. Amounts recognised in SOFAas an expense during the period in respect of operating lease arrangements are £144,50212023. £181.785). 27 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.. 2024 2023 Aggregate compensation 381,150 360.271 28 Cash generated from operations 2024 2023 Deficit for the year {336,484) {37,8591 Adjustments for: Investment income recognised in stalement of financial activities Gain on disposal of tangible fixed assets Gain on disposal of inveslments Fair value gains and losses on investments Depreciation and impaiment of tangible fixed assets {21,856) 11,2301 {16,129) {96,032) 169,107 (18.6421 (6221 13,470 152.466 Movements in working capilal- {Increase)Idecrease in debtors Increase in creditors Increaselldecrease) in deferred income {26,5851 176,317 528,735 15,783 24,084 (40,5931 Cash generated from operations 375,843 108.087
OUR LADY OF SION SCHOOL, WORTHING NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 29 Analysis of changes in net funds The charttable company had no material debt during the year.