REGisfERED COMPANY NUMBER: 066362401Englalld aDd Wales) REGISTERED CHARryY NUMBER: 1130196 Report of theT¥￿teeS aDd Fillattetsl Statsm¢ttts for the Year Ended 3131 All￿￿$1 2024 for The Ursulioe P[C￿Tatory School ltsrd Cooper Paul StAthtory Auditors Abacus House 14-18 Forest Road Loughton IGIO IDX The Ursuline Preparatory Scbool Ilford Contents of the Fillaneial Statements (OT tbe Year Ended 31$t AU%￿st 2024 Page Report of the trusttts I to 14 Report of the indepe•deDt auditors 15 to 18 St8temellt orrinaDcial activiti 19 Statement of financial wsition 20 Statement of eAsh floivs 21 Notes to tbe statement of cash floivs 22 Notes to the fin*n¢ial $tatenhents 23 to 33 The Ursulille Preparatory SchoDI Ilford Report of the Tnlstees for the Year Ettdtd 31st Augiis¢ 2L124 The t￿￿tteS ivho ar¢ also dirt¢tors of the charity for the purpo￿ of the Con7panies Act 2006. presenl their r¢port with the financial ststements of the charity for the year ended 31st August 2024. The trustees have adopt¢d th6 provisions of Accounting Ond ReF¥)rting by Charitigs: Statement of RecoTnrnend¢d Pra¢tic¢ applicable to ¢htrities pre￿ring th¢iT ￿COUnts in accoTdanc¢ with the Financial Reporting Standard applicable In the UK and li¢public of Ireland (FRS 102) (¢ffe¢tive l Janvary 2019). The objetts 8nd public benefit aibDs ollhe School The objects as set out in the Memorandum of Association is to acquire> provide. conduct and develop an independent Roman Catholic School for the education of Roman Catholic children. either with or withoiit other Christian or AOll-Chri$tian children. The UTsuline Preparatory School Ilford tAd operdtes as a Roman Catholi¢ Ind¢p¢nd¢nt day school for boys and girls aged three to el¢vea. In ￿rthernnCe of this objective, the Tn￿te¢S have complied with the duty in ￿lOn 4 of the Charities Act 2006 to have due regard to the Charty Commission's published guidance concerning the operation of the Public Beneffftl r¢qukrem¢nt wid¢r the ACL Page I The UrguliDe Preparatory School Ilford Report ofthe Trnyte¢s for the Year EDded 31st August 2024 Chair's Statement Now that we h&v¢ fully nornwlised post-Covi¢ it is especially pleasing to see th¢ Ursuline Prepar8tory School. Ilford back to its naturnl self - a tl)riviA& ¢aring and It￿lY place of learning. wllaboratioD and development. I continue to reflect with prid¢ at th¢ strength and resilience shown by all staff. teaching and support. that saw tke school through this most challengingoftim¢s. Their p&ssion f¢x both the pupils and the sch￿1 itself is inspirational. Although the the Ursultne Preparatory School. llford, came back to life wjst-covid. the $8m¢ could not be said of the economic environment. The challeng¢s brought about by inflation and the in¢r¢ase in our expenses. not I￿t in energy, compelled us to contiAue the alr¢ady stringent expenditure contto15. The hool's f¢e income continued to be impacted given this wider ecoTh)mio we&sure as many households have struggled to afford the cost of independent education. Sadly, and despile the passion. str¢ngth 8nd resili¢n¢¢ Shown by all staff. both teaching and support. that S8W the sehool through this most chall¢nging wiod, th¢ harsh economicreality has Ptoven lo in5UTtnounlable. In our area th¢ demographic has shown a steady reduction in yOUll8* school ag¢ ¢hildren (and evIden￿d by the contraction in the wjpulation inthe lower half of the ￿h0)I, in po11icular). Recent years hav¢ shown a steady decline in pupils - those leavtng after y￿￿ 6 being suffi¢iently t¢placed by ineorning Early YeaTS children. The school has been running well below th¢ rouisite headcount to cover its f￿ed costs. This ha5 led to a ￿aterIal d¢pletion of our re5¢rves without any sign of fulure growth. Another local ind¢p¢nd¢nt sch(M)I closed in July> 2024 but noDe of its pupils found their war lo the Pr¢p. The mdel for a SM￿1, ihdependenl primary school is particularly ¢hallenged. The Ibreat of VAT on sohool fees was already deterTing new entrants - evidenced by the negligible enquiry tate from potential new entrants. The Prep has been in no w)sition abs(Kb any of the necessary uplift in fees, and-was faced with additional costs such as higherratcs. Consequently> and with deep regret. the Trustees wer¢ C4)mpelld lo announce the intention to close in February, 2025 and we will be fornially ¢losÉng the school at the end of the Summer tenn. 2025. I leave it to the Headteacher, Natasha Boyc¢. who h2S Steeffd the school since January, 2024, to cornm¢nt (rnor¢ positively!) on the previous acad¢mi¢ year. The UThuline Prep has always been a positive. caring and lively place of l¢arnin& collaFM)ration and developm¢Dt and this w&% self-evident throughout the last sehool year. Thi5 wasalso endorsed by tt very p05itiv¢ re¢¢nt ISI inspection. FiDally) on b¢half of both Governors and Trustees, I would like to express my deepest thanks to the Hcadleacher and all staff. who have tirelessly SOUEht to maintain Ursuline values And impart knowledge. skills ajid pastoral care to the children. S. Bird Chair of Truste¢s Page 2 The Ursuline Prewaratory School nford Report of tbe Trustees ror the Year Ended 31st August 2024 Achievement and performanee Review of tht ye#r The stsr icon in(SiEaie5 O Standafdised score higher than 11S_ The alert Icffl Indlcate5 a srandardi5ed 5c(*e te55 than 8 Year 2 Arfthrnetir Readln8 jio 6..6 106..6 103 124 ¥z 701 97 66to&"B 141 123 126 65To6'.5 JTO 71 6..7 w&.7 117 122 t16 123 B."0 r¢8 128 ¢[ 102 7..8 Ets7 105 110 115 P.10 to7'.10 ?21 129 ¢T 126* 7..1 t07.-2 119 ¢[ io* 129 115 7.8 Ev7".8 114 107 115* 113 7.6 to7..6 119 121 13a¥ >145* 123 7..7 107=7 107 116 95 Mathetnali¢s-(combined Aiithmetic and Reasoning)-Achi¢ved GIra￿Depth-5/13 Reading-Acliiev¢d Gr¢at¢r Depth-9113 Spelling-Achieved Greater Depth-11113 All achieved'the expected standard. in Reasonirt& Reading gnd Spellin& Y¢ar 4 ¢•tAssESSmEnt Mathemrtks 8.'9to&'l 117èf 118 ¥'f 123 ¢( 132 127 &2to8".2 1Z4 &1108'.1 139 >145)> B..2 to8.-2 136 ¥5 121 12B *4 143* 129 Mathem8tics-(combined Arithmetic and RtasoninE)-Achieved GreaterDepth-$16 Rcading-A¢hieved Great¢r Depth-316 Spelling-AchieYed Greater D¢pih-416 All children achi¢ved'working at the exp¢¢t¢d sl8nd3rd' in all ofthe atus teste Page 4 The Ursuline Pre￿ratOry Sehool ]Ifoftl Report of tbt Trusttt for tbe Year Ended 31st August2024 Year 5 Allthffletk 59EIIIfi8 g.sto 9..5 92 107 t32* IZ7 (. 9_'101¢ 9-.10 122 <¥ 125 * 125 <7 135 134 ¢f 128 <¥ 127 9.4109.4 ?145 ¢,. 134 * 142 ¥ 122 9.6109.-7 >i&s 127 *.7tog'.7 139* 137 .?109'.2 >14S 136 * 139 * >145k 143 9..4to 9..4 123 129 Y> 129 ¢y 124 ¢( Z37* 131* 9.sto *.s 138 T> g..i0tD 9-11 123 9.'210 9.3 IIB 117 145 Math¢matiCS-(combined Arithmetic a¥KI R¢asoningFAchieved GreaterDepth-14117 Reading-A¢hieved Gr¢at¢r Depih-10117 Spelling-A¢hieved Greater D¢pth-14117 I pupil achi¢ved'less than exp¢oted' in l aTe& Year 6 Age atAsxssmeAt M*hemètlc5 Arfthrnetl£ Reodlng Spelbth8 Dv•eknpEdAbU 106 to1Q,.6 110 105 115 10..6 to 10..6 122 f 113 102 t20 IDA to 10-.6 123 t( 126¢( J20* 123<¥ 123 IOA ttrl0'.5 102 132 1Tr3 tolO..3 115 82 92 IOB to10..6 119 120 128 (¥ 129* 1tr.11 toll'.0 13S 133 *¥ 126 ¢1 126 10..10 LO 10..10 103 103 10..1 ro10..1 120 110 1tr.3 to IQ=3 118¢< Page 5 The Ursuline Preparatory Sehool llford Report of the Trustees for the Year Ellded 31st August 2024 Mathemalics4combined Arithmetic and R&qsontng)-Achieved GTeat¢rDepth-3111 _ Reading-Achiev¢d Grealer Depth-8111 Spellin8-AChieV￿ GreaterDepth-6111 97Yo achTeved'workiDg at the expected standard, in all of the areas t&sted. 2024 SATS Re$￿ts Greater De th Reading.. 7 out of 16 cbildr¢n achieved GD in this area of the curriculwn - 44% Maihs: 9 out of16 children achieved GD in this area ofthe curriwlum- 56Yo Writing: 5 out of16 ahildren achieved GD in this area of the curri¢u1￿n- 32Y• Ev¢ry child in Year 6 achieved at lea51 the,￿pected standard, ID of the core subject arejs tested, i.e. Reading Compr¢h¢nsion, Grdmmar.-Writing and Mathematics. I am pleased fo present this r¢port reflecting the significant Achievements and performance levels obgeryed across our school during the acad¢mie year. Our pupil progress data iDdi¢ales that students are continuing lo meet, and in many instanc¢s. exceed the expected lev¢ls of progress frotn their end poinis at the close of the last academic year. Throughout this academic tern]. teach¢rs from Years i to 6 have diligently a&sess¢d pupil prosr¢ss on a half-ternily basi4 idcntifying key targets in both En81ish 2nd Maths. This systematic approach has enabled pupils and iheir parents to gain a ¢l¢arer understandiAg of the spe¢ifi¢ areas requiring fo¢us to facilitate a¢¢¢lerat¢d pro￿e&S. Mor¢over, the results from th¢ CP.I testing condu¢t¢d from Octok 2023 to Iktober 2024 demonstrate notable A¢ademiG &chievements and progress across the whort from Years 2 to 6. Noteworthy is the impressive statistic that 970/1 of our Early Years pupils achieved the FArly I£aming Goals in all areas of th¢ EYFS curriculiitn by July 2024. reflecting our commitTnenl to early education and d¢velopment. The succesg of our Year 6 pupils is Commendable. with many tEceiving offers from prestigious Grammar and Independent sohools. sncluding New Hall. Brentwood School. Bancroft's. Colche5tsr Grammar School, and Woodford County High Sehool. The childrell demonstrated imtnense d¢dication in Preparing for their Il+ ¢xamin£ttions, taking advantage of additional opportuniti¢s provided by th¢ school to enhan¢e their stamina and reftne their examination lechniqucs. Our newly implemented Cllltural Capital ¢uffieiilum has also made & significant impact. as evid¢n¢ed by the high level of engagement in project work und¢rt&ken by pupils. This has led to exceptional pieces of ivorL showcasiEtg th¢ enthusi8sm and commitment to l¢aming demonstratedby our students. Furtherniore, the school eouncil has played an integr81 role in the ofjgoing d¢v¢lopment of the school. Pupils activ¢ly participated in ￿£￿I￿r meetinos with the headteacher, ensuring that their voi¢es remain central lo the school's ¢volution. The cominitmeThl of both pupils and parents to cotnmunity ¢auses kn IteD truly inspirin& os w¢ collaborated to raise fiinds for breast cancer research, Macmillan. and ChildreTh u) Need. Our school choir has flourished this year. iyith children participating in various perfomiances that shL¥wca&rd their individuaI musical tslents, further ellhancing our school's vibrnit ¢ommunity spirit summary, the acadeinic year h&s beell characterised by significant Rchtevements. robust community engagemen¢ and an univavering commilment to the holistic dev¢loptncnt of our pupils. laying a solid foundation for fiittire suc£ess. Page 6 The UT5uline Ptepgr3tory School Ilford Report of the Trnstees ror th¢ Year Ended 31st All%￿se 21)24 Cllrrieulum Enhancemellts Th¢ ittlroduction of the Culturnl Capital curriculum from Nursery lo Year 6 has significantly enhan¢¢d our educational offering, enabling all children to broaden their Cultural. social, and emotional understanding. This curriculum h&s i*en instNment21 in celebrating the rich and diY¢rs¢ CUl￿ra1 tapesty of our Ursuline community. fostering an inclusive environment that promotes conununity ¢ohesTon. Through various events amd 8Ctiviti¢s. students have engAg¢d with different culbjrdl persp¢¢liY4 which deepened their appr¢¢iation for div¢rsity and nurtured a sense of belonging within the stho)l. In lin¢ with the evolving education21 landscapA we also launched the new Religious Edu>ion (RED) currlculutn in September 2024, ali8nftng our pFacti¢es with the latest requirements for traching Religious EducalioTr. This innovative eurri¢ulu￿ inco￿Orated e1c￿ents of prayer and reflection. providing students with opportunities to explore the significance and puryjose of spiritual practi¢¢s. This not only enhances their understanding of religious beliefs but also helps ¢ultivate personal vatues and ethical considerations that are es5enlial in todays soci¢ty. Additionally. we hav¢ inte8rAted creative writing inlo th¢ curriculwn. encouraging children to develop their writing skills across various contexts and ge￿[es. Thig initiative has proven to be invaluable, as it not only ellhan¢es Ih¢ir oyernll literacy but also equips them widi Ihe neccstsry skills lo respond &deptly to diff¢r¢Dt writing styles, particularly in preparation for the forthcoming I l+ exaJninations. By fost¢ring ¢reativity in writin& we are nurturintr a g¢n¢rxtion of confident communicators who can articulate their thoughts and emotions effectively. Collectively, these curriculum enhanc¢ments reflect our commitnient to providing a holistic education that pr¢paTes our students not onty acad¢mically but also socially and emotionally. ensuring they emerge Ls well- rounded individuals ready lo embrace the challenges of the future. Personal Develo enl and Wellbein At The Ursulin¢ S¢hool, the wellbeing and personal developm¢nt of our pupils remain an utmost priority. InfluenGing ¢very aspect of our educational approach. Within the frdmeivork of our CulturAI Capital Curri¢uluEn and our long-terni planning for Personal, s￿laL Health aThd Economi¢ (PSHe) educati(In. we have carefully engineered opportunities designed to enable our children to engage in meaningful self- Y¢fle¢lion. This proce&s not oJRly nurturcs their self-¢onfidence but also cultivktes their und¢rstanding of themselves as Ulliqlle individuals. During the Spring terni. ￿ ￿l¢b￿ted Mental Health Week with the anpowering theme'my Voice Matters., This inilialive provided our pupi15 With a platform to ¢xpress thetr {h￿g￿ts afbd feelings opeThty. reinforcing the cnjcial rnessage that their voices ar¢ valued ¢sseTJtial in effecttll8]x)sjlive chaEJge within themselves and iheir community. The activities conducted throughout the week encouraged Collaboration and fost¢red an enYirot)ment where childrcn felt comfortable shAring their ￿￿tiVeS. thus reinforcing the importance of muttial ￿pect and understanding. In alignmentwith our commtiment to safeguarding and promoting internet saf¢ty. Safer Internet Day offer¢d our pupils the opportunity to navigate the virtual world responsibly. The focus oll inspiring change ¢nabled children to explore both the advantages and pitfalls of intemet usage. Through iTrteractiYe discussions and a¢livili¢s, pupils l¢amed how to ¢ngage with digital media safely conslructively. preparing them to become infomed and conscientious user5 of techno108y. Page 7 The Ursulille Prep#ratory Sch¢)ol Ilford Report octhe Trllste for the Year Ended 31$t Au2llSt 2024 To further guppDrt so¢ial and emotional developmenL we continue to fa¢iliiat¢ a Friendship Club, ably led by Mrs MoLaren. This initiative provides a safe haven for children seeking to di5CUSS their feelings and cultivate )sitive relationthips with pee￿. Through the applieatioii of coIiflict resolution strategies. piipils are empower¢d to work collaboratively in resolving disputes and understanding the signif1¢4nce of ¢tnpalhy in their iThtera¢tions. In the Spring term of 2024. our behaviour policy undenv¢nt nece&sary adaptation5 to enhance our r¢¢ognition of positive beliaviour. This refined kppmach not only acknowledges exemplary conduct bllt also en¢ouraEes all pupils to &spite to high stand8Fds of behaviour. The shifi has proven effective in promoting school culture wh¢r¢ positive behaviours are incentivised and ce1e1xak￿ consequently leading to a more hannonious l¢arnin8 environment. Morcover, a ¢omprehensive whole-school inte￿entIOn map was develortd in the saffle t¢Tm to identify specific pupils requiring additional 5UPPOrt for both their acaderni¢ and s(xial progression. An analysis reYcal¢d that 320/0 of our student populatton needed varying degte¢s of LSSiStanee. leading to tsrgeted interY¢ntions ronging from readillg fluency sessions to Speech and languag¢ 5UPKXlrt. This tailored approach ¢nsures that each child r¢¢¢ives the necessary resowces and attentio￿ subsequently followiTrg lh¢ asse4 plan. do. and review cycle to monitortheir progr¢ss diligently. Additionally. we introduced the Zon&8 of Regulation as a porsonalisd inlerventioll for those pupils needing extra emotional support. Thi5 programme equips children with e&5ential tools to s¢lf-regulate their emotion4 thereby enhancing their readines5 to learn. By integratÉng ih¢se strategies into our educational PrydCtic¢, we ar¢ ¢onfident that our slud¢nts are not only developing academi¢ally but are also emerging as resi11¢￿t individuals capable of rnaT]aging their emotional land￿￿$ ¢ffectively. In ¢on¢liision. the initiatkves implemented ai The UT5uline School ¢nsute that the development of pupil wellbeing and personal gr0￿h rernain5 at the forefront of our mission. We retnain con]mitted to creating an environment where every child feels valuel h¢ard. and supported in their journey towanls thriving within and beyond the school ¢ommunity. Extra-c￿rrieU1ar Achievemeots Throughout the academi¢ year. our sch(y)I has prided itself on off¢ring an exceptional 84Trny of extra- curricular activities, each designed to foster the development of our pupi15' musi¢al, creative, sportin& and linguistic skills. The commitment to a holistic eduealion is exemplifid through the diverse opportunities we provide. ensuring that ¢v¢ry child can fiod their passion and develop their talents olltside the standard curriculum. This year, ￿ inttoduced a new programme for pupÈls in Receplion and Year I, offering Spanish and French language lessons. This initiative not only promotes linguistic proficie￿Y atan early age but also enriches our pupils. cultural awar¢ness, ¢ncouraging a broader understanding of the global ¢ommunity. FArly Qxposure to foreign languages has been shown lo enhance cognitive developmenL and our young leamers have eagerty engaged with these new skills, displaying retn8rkable enthusiastn and progress. Additionally. our I l+ cliib has gained tra¢tioTr amongst pupils preparing for the rigours of eThtrance exatninations. This inili8tÈve aims to develop pupils, vnd¢rstanding of how lo approach such assessments, thereby enhancing their overall ¢onfidence. The club focuses on kry l¢¢hniques tequired for su¢c¢ss, providing lailoT¢d gutdan¢¢ and supptsrt to ensure thal each ¢hild is adequately prepa￿1 for ihis significant acad¢mic milestone. Fe£dba¢k from pupils and parents alik¢ has undas¢ored th¢ positive impact of Iliis club on stsdents, self-esleem and examinalion readiness. The UrsulADe Preparatory School llford Report of the Trustees for the Year Elldtd 31st Augu512024 Moreover, our sports clubs knve continued to ￿ a popular feature of our extra-curricular offerings at The Ursuline. Throughout the Spring and Summer ternis. we provided inclusive opportunities for all children to engage in either fflulti-SPOTts or football club5. Partieipktion in these activities Trot only aids in th¢ physi¢al 4levelopment of our pupils but also inslils values such 8$ l¢amworL discipline, and resilience. The vibrant attnosphere during sports sessions h8s fostered ¢ommunity spirit, ¢[￿1￿raging pupils tr) support one anoth¢r and celebrate collective achievemettts. rn terms of p¢rfom]ing ar￿ our commitment to nurturing ¢￿atiVity Femal￿ unwaverittg. Peripatetic teachers Continued to offer a variety of clubs, including balle¢ swh and dram4 along with one-to-one lessons in piano, ukulele. &nd violin. Th¢ SUCC￿ of our studellls was shoNvca5ed in ihe LAMDA ¢x8minations, whcr¢ many achieved COTnrncnd&bl¢ r¢sults. Every participating child attained at least a'pass, grade. with 5ev¢ro1 8thdenls achieving the remarkable distin¢tion. These accomplishments not only hIg￿light the talent present arnong our students but also serv¢ to bolster their ¢onfidence and passion forthe perfonning arts. Furthemiore. we extended oiir curriculum to includ¢ Mandarin and ch￿l¢s¢ ATL enriching our pupils, understanding of Chill￿ culture aT]d artistic expression. This ptogramme has proven Cngaging and infomative, allowing students to explore div¢rs¢ facets of Chinese art& A small group p8rticipated in a prestigious Chinese-speaking comp¢titton. shoivcasing their skilts In dance and song. This ¢xp¢rien¢e offered them invalvabl¢ exposllre to p¢rfomiance art on a broader stag4 ￿lAfOrci￿g theiT appreciation for different cultural traditions while enhan¢tng their linguistic abilities. In Conclusio￿ the variety of extra-cu￿l¢￿1ar activiti￿ our scho)l offers exemplifies our unwav¢rin8 dedi¢atiots to nurturing well-rounded students. The achievements in rnusic, Sports. and languages. alongsid¢ our commktTn¢nt to GUI￿ra1 understanding. rcflect the values we strive to inslil in our pupils. We look forward to building on Ihese successes in the colning year. enhancing our programm¢s further and inspiring our students to Teach their fullest potential. ement The Ursulin¢ Prep School continued to frister strong ties with the local con)munity through outrea¢h programm¢s such as holding our &nnual Advent Service at a local church; charity events such as the Harvest Festival (collection of f¢Jod items for the local food bank). Macmillan Cake Sale {all proceeds have gone to th¢ Macmillan Cancer Trust). Odd Sooks Day for the start of Anti-bullyi]]g Week (proc¢¢ds of whtoh have gone to the NSPCC). Number Day in February 2024 raised fund5 ft)r lh¢ NSPCC. Ent¢rprise Week where Year 6 learnt to budget and sell produ¢e to the school, enabled the mow to go to acharitable fvnd. Our Parents Parental involvement remains an integral part of the Ursuline school conununity. significantly contributing to the overall development 2nd succe&s of OUT pupils. Throughout the Spring temi. our dedicated parents OTganised an ¢ngaging Moth¢ls Day event, enabling children to Ihou8htfully select special gifis for the remarkable women in their lives. Additionally, the PatEnt-Teacher and Friends Association (PTFA) orchestrated a complimentary evcnt for Fatherfs Day. fost¢ring simiLy 5enlllnents as children chose gifts for th¢ significant men in their lives. These initiatives not only streiigthened the bonds b¢tsYe¢n parents and childrcn but also promoted ¢ollaboration, enhan¢in8 the famili&l ties within our school community. The Summer Fair emerged as anothcr noteworthy (Kcasion. bringing logdher families and frtends in joyous celebTation. Thi5 event not only provided an av¢nue for community engagement but also su¢cessfully rdised funds, which are vital for facilitaiing enriching exp¢rien¢¢s for our pupils. Furth¢mior¢, class assemblies saw a consistently high turnoiit of parents. ¢xemplifying the value OUT commiiDity places on chtldren showcasing their indivtdual talents. Page 9 The Ursuline Prepardtory School llfo Report of the Trustees ror the Year Ended 31st Augpst21124 The end of y¢ar achievement awards ceremonies met with overwhelming support, reaching full capacity for both the Early Y¢ars and K¢y Stsge l as w¢ll as the K¢y Stage 2 ¢v¢nts. Such eyents ¢leorly highlight oiir committncnt lo inviting parents lo participate in CA)mm¢morating their children's individual successes and milestones. Moreover. Year 6 d¢liv¢r¢d 8 captivating rendition of The Lion Kin& which Wds a highlight of the year. The occasion included a fornial afternoon tel allowin8 families to com¢ logetber to enjoy a W¢st End-style show pe￿or￿ed by tlieir children. This event epitomÈsed the strong sens¢ of community we eherÈsh at Ursuline, one that celebr&t¢s the achievements of our pupils and retnforces the invaluable ¢ontribution of parents wÈthin our school. Parents were encouraged to join us in person or via zoom for cla&s assemblies important meetings su¢h as discussions about the I1+ ond our Relationships and Sex Education (RSE) ￿rrie￿luM. The latter hos appe8sed the worries of a number of parents 8$ they get to understand what and why we hav¢ a specific eurriculum. As a faith school. w¢ a￿ Under the direction of th¢ Diiwe of Brenlwood lo coyer RSE in an 2ge appropriate mawier. Staff Develo ment All teaching staff participated in comprehensive trainin8 l¢d by tl% Head of Philosophy and Religioiis Education at New Hall School. focusing on the neiv Religious Edwtion Developm¢nt (RED) curriculum. The tsaining elucidated the purpose aDd vision of the curriculuDL enhanoiDg staff understanding of effective planning and assessment in RE. In addition, Continued Professiona] Development has been strategically directed towards fostering staff profici¢n¢y ITh utili5ing ass¢ssment dats to inforni pedagogical practices. This fo¢used approach aims to address th¢ needs of the lowest 21Wo of pupils. enstsring that they are adequately supported in ilkeir Ivdrning joun)¢ys. Concurrenily. we are dedicated to prnviding appropriate challenges foi those students who are working at greater depth. ensuring that all pupils are engaged and progressing. Throllgh Éhese initiativcs, we are committ¢d to enhancing the quality oFtEaching 2nd l¢aming across the s¢hool. Page 10 The Ursuline Preparatory Scbool Ilford Report of the Trustee5 for tbe Year Ended 31st August 2024 Financial revieiy IDvesÉmenl powers and policy Thes¢ are governed by the Memordndum and Articles of Association, which permit surplus funds lo be invested in any investments. security or property as may be thought fil and as may be prescribed by law. The S¢hool's investment objective is to maximise the retum on its investment funds while mainlaining maximum security and a high degree of liquidity. To meet this objective the School invests in call deposits with a high security rating and either fixed interest rates or wilh a fixed Telationship to base rate. Reserves policy The Trustees h&ve established a generdl reseThe p)licy to afford some protection to the School and its charitable programme and to provide time lo adjust to changing finan¢io1 circumslan¢es. General Reserves General Reserves ar¢ not restricted or designated for use on a particular progrdmme or for some other defined or designated purpose. The School's p)licy is lo seek to maintain a b2]anee on General Reserves which represents sufficient resources for the Current activitie5 of tk schi)ol to ¢ontinue in the event of a significant drop in income. and to provide fl¢xibility to undertake futwecapital ptojects. Going eoDcern As noted above by the Chair of Trustees ihe decision has been tsken to close the school at the end of the Summer tenn. 2025. Please refer to note 19 for further details. Financial results Net outgoing resources for the year were £927,222 (2023: net incorning resources of £71,734). The results for the y&ir include a closure costs a¢¢rual of £1,011,063 within which theTe is an amount of £452,895 relating to the estimated debt on withdrnwal from the Independent Schools, Pension Scheme and also am amount of £375.000 (please refer to note 19) relating to payment required to The Ursuline Order following a potential future sale of the building. At the end of this year, the Company had nel assets of £619,573 (2023: £1,546,795). Future plans The school will be closing ai ihe ¢nd of the Summer lemi. 2025. Page 11 The UrsiiliDe Preparatory School l]ford Report of the Trustees for the Year Ended 31st August 2024 Structure? governance and management Organisation The School is a r¢8iSt¢red charity (registrdtion number I I30196) and is constituted 8s a ¢ompany r¢gistered in England l￿d limited by guarant¢¢ (registration number 06636240) as defined by the Companies Act 2006. Its objects, p)wers and ¢on5titution ore s¢1 out in its Memorandum and Article5 of A5sociatton dated 2nd July 2008. Fornierly part of the Ursuline High School, the Prep Schwl has 80 independent school in its oNw] right sin¢e 1999. It continues to have close and valued links with the Ursuline Acad¢my with which it is collocated. The Board comprises a minimum of 5 and a m&ximum of9 Tri￿. Trustees shall ptedominantly be of the Roman Catholic faith. Trustee4 art ¢lerted via nomination by the Dlocese and then election by ￿Members at the AGM. Th¢ Trnslees meet as a Board once a year to deternTrine th¢ g¢nernl ￿)1￿Y of the school and review its overall management and control. for Ivhich they are legally respoiisible. Thc day-to-day running of the school 19 delegated io a Board of Governors (appointed by the Trus￿). the and the Bursar. supp)rted by other teaching members of the S¢nior Management Tcam IllductiOD and tr#ining of trustee5 New Trustees are inducted into the workings of ihe school. a￿1 also ofthe Company 89 & r¢gisÉcr¢d charity. in¢luding Board Policy and PriKEdures. They are give￿ The Charity Con)mÉssion leaflets CC3 and CC3(a), Responsibility of Charity Trustee4 a copy of th¢ Memorandum aod Articles of Association. the latest audited accounts and up to date management figU￿S. Risk managcment Tke Trustees have an e5tablksh¢d prcKedwe to review key risks on an ongoin8 b&sis. Reference and administrative details Registered Compally number 06636240 (England and Wales) Registered Charity number 1130196 Registered olTice 24 Coventy Road Ilford IGI 4QK Trustee8 S A Bird Insurance und¢twrit A P Dobson Retired Professor Of IAW PNieholson Retired headt￿cher R Sava8e R¢tired teacher M J Guidotti Retired Bank Manag¢r Company Secretary Mrs A Ayank08 Page 12 The Ursulille Preparalory School Ilford Report of the Trustets for the Year Ended 31st August 2024 Reference and administrative details Audito ooper Paul Statutory Auditors Abacus House 14-18 Forest lilmd Loughton Essex IGIO IDX ProfessloDAI advisen And k¢y per80ttnel H¢adteacher N Boyce from January 2024): L (sclin.￿ Headteacher to Dec¢mber 2IY23) A Ayankogbe Nalional Westminster Bank 50 Ilford Hill Ilford Essex IGI 2AT Bllrsar Baiikerfj Events since the end of the year Information Telating to events since the end of the y¢ar is given in Note 19. Ststement of trustees, responsibilities The trustees (who are also the directors of The Ursuline Pr¢paraW School Ilford for the purposes of eompany law) are res￿nsIble for preparing the RewTrrt of the Im5t￿5 and ihe financial sÈ#t¢ments in a¢¢ordance with applicable lai¥ 2nd United Kingdom Accounting Stgrndards (unit￿ Kingdom Generally Ac¢¢pl¢d A￿OUntillg l¥actice). Company lai%, Y¢quires the trustees to prepare financial st&t¢m¢nts for each financial year which give a true and fair view of the stale of affairs of the charitable company and of the incoming resour￿ and &ppli¢ation of resources. including the income aTKI expenditll￿. of the charitable cOM￿nY for that period. In prepaTing thoso financial statement% the Iwstees ar¢ required to s¢lect suitable accounting policies and then apply them consistently" observe the methods and principles in the Charity SORP. make judg¢Fnents and estimates that are reasonable and prudenL prepare tELe fman¢ial statements on ihe going concern basis unle&s it is inappropriate to presume that the charitable company will continlle in busin&8& The trustees are responsible for keeping prop¢r accounting records whith disclose with ￿?soNable aecura¢y at aT]y time th¢ financial position of the charitable company and io enable them to ensure that the fit]ancial statements Comply with the Companies Act 2006. They ar¢ aiso rtspon5ible for safeguarding the assets of the charitsble company and hence for taking reasonable steps forthe PTeVffltion and detection of frdud 8nd other irregularities. In so far as th¢ Ituste¢s Are aw there is no relevant audit infomiation of which the charitsble compan￿$ Auditors are unaware" and the truste¢s have taken all steps that they ou￿ht to hav¢ laken to make themselves aware of any relevant audit Anfornlation and to e5Éablish that the auditors are aware of that iTrfonnation. Page 13 Th¢ Urnllline Preparatory School lllord Report of the Trustees for the Year Ended 31$1 August2024 Audilors The auditors, Cooper Paul, iyill be proposed for r¢-appointm nt at the forthcoming Annual Gcneral Meeting. Approved by order of th¢ Ix)ard of ttustees on .... . and signed on its behalf by: S A Bird- Trustee Page 14 R¢port of th¢ IDdependent Audltors lo tkeMembeTS of The iJrsllline Preparatory School Ilfoyd Opinion We have audit¢d the financial statements of The UT5uline Prepwatory Schnden¢e' And -identified laws and regulations were communicated within the audit team r¢8ularly and the team remain¢d al¢rt to instances of non-c¢)Tnpliance throughout the audit. W¢ assessed the susceptibTrlity of the charitys finan¢iat statements to Diaterial ￿l￿tsI¢m¢RE including obtaining an und¢Tstsnding of how fraud might occur by: -making ¢nquiri¢s of management as to where they considered tlwe was susc¢ptibility to fraud. their knowledge of a¢tu21. suspected and alleged fraud- -considering the internal controls in place to mitigate risks of fraud and non-complianee with laws and regulations" To address the risk of fraud through management bias and override ofcontrol& we: -perfomied analyiical proc¢dures to identify any unusual or un¢xpedd rel8tionshÈps- -tested jollmal entries to identify unusual transa¢tions' -assessed whether judgements and assllmptions made in deterniinuig the a¢¢ounting estimates w¢re indicative of potential bias. -inv¢stigai¢d the talionale behind significantor unusual transaction4 In response to the risk of irtegul8¥ities and non-compliance with laws and regulations. we designed procedures which iTtrlllded. but wer¢ not liinited to- -agr¢eing financial statetnent disclosures to underlyinoy supporting d(￿UMentatIOn. -r¢ading the mitiutes of m¢etings of those Charged with govern8nee' -¢Ewuirins of management as to actual and potential litigation and clains- -￿Vic￿ving correspondenc¢ with the chariti s legal adviso Ihere are inherent limitations in our audit procedu￿S.de$Critsed above. The more Tesnoyed that laws and reg￿latioNS are from financial transactions. th¢ le&s likely it is tkt we would ￿cOMe aware of non- compliance. Auditing staftdards also Itmit ihe audit procedur&s wuired to identify non-complian¢¢ with laws and ￿gulatiOnS to enquiry of Tnana8ement and the inspection of regulatory and l¢gal cO￿pondence, if Materi81 misstatmenls that arise du¢ to fraud Can be harder to dettrt Ih&n those that arise from entjr as they ay involve delib¢rate conceallnent or collusion. PJEe17 Report of the IndependeDt Auditors to the MeTnbers of The Ursuline Prep8ra¢ory S¢bool Ilford. A further description of our responsibililies for ihe audit of the financia] statements is l(uted on the Financial Reporting Council's website at W￿y.frc.Org.Uklaudito￿K$￿nslblliIle5. This description fornis part of our Report of the Independent Auditors. Use of our report This report is made solely to the charitable company's member4 &8 a IKMty. in accordance with Chapter 3 of Part 16 of the Companies A¢t 2006. Our audil ivork has been undertaken so that we might state to the charitable company's members those matters we are requir¢d to state (o them in on auditors, report and for no other purwse. To the fullest extent pemiilted by law, w¢ do not accept or assume responsibility to anyone other than the charitable company and the charitable company's men]1*ts as a Ix)dy> for our audit work, for this r for the opinions we have fonned. son (Senior Statulory Auditor) for and on behalf of Coow Paul Statutory Auditors Abaeus House 14-18 Forest Road Loughton Essex IGIO IDX Date: 27 June 2025 Page18 The Uysuline Prep¥ratory School Ilford StAteTnent of Winancial ActivitEes for the Year Ended 31st AUg￿st 2024 2024 Total funds 2023 Tot81 fund5 Unrestricted R&tricted fuLd futtd Noles IM¢ome endowments from Donatioijs and l¢£&cies 1263 1,263 (3) oihertrading activities Investm¢nl income other income 1,117,509 3.991 21.983 1,117,509 3.991 21.983 1.194.339 2,472 Total 1.144.746 1144 746 1.207.842 Expenditure o Raisin8 funds 1942 .942 3,668 Charitabl¢ aetivities School 1.085.900 1.085.9 1,133,118 Other 1.023.490 1.023.490 678 Total 2,111.332 2.111332 136,108 NET INCOMEI(EXPENDrruRE) Other recogDised gaiD51(losses) Gains on revaluation of f￿¢d assets (966,586) (966.586) 71.734 Net movement ill funds (966,586) 39,364 (927222) 71.734 Reeoncili4tion of funds Tot&1 funds brought forward 1,546.795 1546.795 1,475.061 T(tytal funds earned forward 580.209 619.573 1.546,795 Th¢ notes fom) part of financial staternents Page 19 The Ursulittt Preparntory School llford Statemeot of Financial Position 31st August 2024 2024 Tot41 fullds 21123 Total funds Unrestrict¢d Restricted fulld fund Not¢s Fixed assels Tangible assets 1.464.968 39.364 1.504.332 1,475.912 Current 4$8ets Debtors Cash 8t bank and in hand 12 7.072 429 077 7.072 429.077 8.980 417 386 436,149 436,149 426,366 Creditors Amounts falling due within one year 13 (190,559) (190.559) (195,237) Nel curreut ￿se13 245.590 23E.129 Ttbtgl *sse*s less corrent liabiJitÉtt 1.710.558 39J64 1,749.922 1,707.041 Creditors knounts falling due after more than one year 14 (1.025.869) (L,025.869) (51.721) Provisions for liabilities 16 {104,480) (104,480) (108,525) IYET ASSETS 39 580 209 a64 619.573 1.546,795 Funds Unrestricted fund5 Restricted hnds 17 580,209 39.364 1,546,795 Total fullds 619573 1.546 795 Th¢s¢ fu]ancial statements have been prepared in accord8nce with the provisions applicable to ¢h8ritable companies subject to ihe sllwll wmpallies regim ents w¢re approved by the Board of Tr￿e85 and auihoiised for issue on . and were signed on its behalf by: Th¢ fi S A Bird- Tn￿1¢¢ Th¢ notes form p8rt of these financi81 thtements Pw20 The UrsuliDe Preparalory S¢bool llford temellt of C#sh Flows for the Year KDded 31st August2024 2024 2023 Not Cash flows from oper4ting activities Cash gen¢rated from operations Tnlerest paid Pension deficit funding 33,881 (758) 16 472} 73.282 (1.236) 14.548 Net Cash provided by operating activities 16,651 Cash flows from invcsting aetiviti Purchase of tangibl¢ fixed 2ssets {4,960) Net cash {us¢d inyprovided by inv¢stinE aelivitiQ4 (4.960 Change in cash 8nd ¢2sh equkvAlents in the reporting period Cash and cash equivalents 2t lh¢ beginJTring of the re￿rtIng period l 1.691 57,498 417,386 359 888 Cash and eash equivftlents at tbe eDd of the reporting period 417386 The notes form part of these fillancial &tstements Pag¢21 TFÉe Ursmline Preparatory S¢hool IlfoNI Notes to the Ststemellt ofc8sh Fl(>ws for the Year Ended 31st August 2024 Re£ou¢iliation of net (wApeDdi¢ure)finrome lo net f￿h Ilow from op¢rotillg activitie5 2024 2023 Ntt (expenditsreyincome for the reportlllg perfod (￿ pertht Statement of financial activities) Adjustments for: Depreciation charges Inl¢rest paid Further provisioii on p¢nsion deficit Released from pension deficit provfftsion Decrease in debtors Increasel(de¢re8s¢) in creditors (966.586) 71,734 15,905 758 11427 15,730 1,236 (678) 7.572 22,312 1.908 969.469 Net cash provided by operations 33.881 73,282 Analysis of cbange8 in fllnds At iNn3 Cash flow At 3118124 Net cash Cash at bank and in hand 417,386 11.691 429 077 417.386 429 077 Debt Debts falling due within l year Dcbts falling due after l year (9,890) 24.94 (250) 10,140 (10.140) 14.806) 34,836 24 946) Total 382 550 21.581 404.131 The notes forni part of th￿ financial htst¢[￿￿ts Page 22 The Urslllitte Preparatory School Ilthrd Notes to the Financial Statements for ihe Year Ended 31st August 2024 A¢¢ounting polieies Basis ofpreparing Ihe finaDeial $t*temeDts Th¢ finaiicial statemenls ol the charitable company. which is a public bencfit entity under FRS 102, have been PT¢paffd Tll accordance with the Charities SORP (FRS 102) 'Accounting and R¢porting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts IT) accordance with the Ftnancial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (¢ffectiv¢ l January 2019),. Financial Reporting Standard 102 'The Fitwieial Reporting Standard applicable in the UK and Republic of Ireland, and the Compantes Act 2006. The financial statements have been PT¢paT¢d under the historical cost Wnventi0￿ as rnrdified by the revaluation of certain ass¢ts. Income All income is tt¢ognised in th¢ Statement of Financial Activities on¢¢ th¢ charty has entitlement to the funds. It is probable that the incotne will be received and the amount ¢an be measured reliably. Expenditure Liabilities are recognised as ¢xp¢nditur¢ as soon as th¢r¢ is a legal or ¢onstw¢tive obligation committing the charity to that eX￿ndit￿¢, Tt is probable that a transf¢r of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an &¢¢ruals basis and has been classified under headings that aEgr¢gal¢ all cost relat¢d to the category. Wh¢r¢ costs cannot b¢ dI￿¢11Y attributed lo parti¢ular headings they have been allocated to activities on a basis consistent with the use of resources. Tallgible fixed as3et$ D¢preciation is provided 4t the following annual rates in order to write off each asset over its estimated useful life. Freehold property Improvements to propety FixtUK$ 2nd fittings Straight lin¢ ov¢r 35 years Taxation 'rhe charity is ￿empt from corpotation tax on its charitable ￿tIVIties. Fund a¢¢outtting UJ]restri¢t¢d funds can be used in 8￿rdaTrCe with the charitabl¢ obj￿tiveS at the discretion of th¢ truslees. Restricted funds can only be used for particular restricied purFx)ses within the objects of the Charty. R¢strkctions arise when specified by the donor or when fuThh are raised for particular re5Èri¢led purposes. Further explanation of the nature ond purw)se of each fi￿d is includ¢d in the notes to the financial statemtnts. Hire purchase aDd It4sittg commitments Rentals paid under operating leases are charged to the Statsment of financial activities on a strRight lin¢ basis over the pcriod of the lease. Page 23 The Ursulin¢ Preparatory S¢hool Ilford Notes to the Financial Statements - ¢ontiMued for the Ye#r Ended 31st August 2D24 Accountlllg poliaes- ¢ontinu Pension costs other post-retirement benefits The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable Compangs pension scheme are charged to the Statement of Fin￿1claI Activilies itt the period lo which they relÈte. DonatlODS and legacies 2024 2023 Donations Other trading activiti& 2024 2023 Shop income Preparatory School fees Nursery fr¢s Lettings Visits iticome Club inwme 18 1,171.733 1,098,948 (1.560) 525 10.215 9.381 I,625 6,807 14.156 1,117.509 1,194.339 Inyestmejt income 2024 2023 UK Bank Interest receivable 3.991 2.472 RaÉsRng fuDd$ Raising donations and legacies 2024 2023 BursaTies 1.942 3,668 Pag¢ 24 The Ursuline Preparatory Sebool nfDrd Notes to the FinaDcial Statements- coptinued for tbe Yeay EDded 31st Augts$t 2024 Charitable aetivities eosts SHpport Costs (see note 7) irect Costs Totals School 795 723 290.177 1.085.900 Support Costs Covernanee costs Other Tot￿$ School 265.614 24.563 290.177 N¢t Income1(￿pettdItllre) Nel in¢omel(expenditure) is stated after chargingl(crediting): 2024 21)23 Auditorg remunerntion Other non-audit servlces Depreci&tion- owned assets Other opernting le&ses 6.048 3.600 15.904 8.001 6.333 3,750 15,730 8.121 Trustees, remuneration #Dd benefits .There were no tn]stees' remuneration or other bcnefits for the year 31st August 2024 nor for the year ended 31st August 2023. Trllstres, expenses There iv¢Te no trustees, expenses paid for the year ended 31st August2024 nor for the year ended 3 Est August 2023. IU. Staff costs 2024 2023 Wages and salaries Social securty costs Other pension Costs 574,857 50,325 67,318 550,520 49.517 89.877 692.500 689.914 The average monthly number of ¢mployee5 during the year was&s follows: 2024 21 2023 22 Tolal Pase 25 The Ursuline Preparatory Sehool Ilfonl Notes to the FiJ#Meial StatemeDts- tolltiDued for the Year EDded 31st A￿E￿$t2024 10. St2ifeosts- continued The number of ¢mploy¢¢s whose employee ben¢fits (excluding employer pertsion costs) exceeded £60.1)00 was.. 2024 2023 £60.001- £70,000 11. Tangible r￿ed &ssets Improvements Fixthres and ttings Freehold prope PToperty Totals Cost or valuation At 1st September 2023 Additions R¢valuations 1.163.455 454,941 56.843 4.960 1.675.239 4,960 39.364 39.364 At 3 1st Au8usI 2024 454 1.202.819 ￿41 61.803 1.719 563 DepreeiatioD At 1st September 2023 Charge for year 72.676 69,808 9,099 56.843 628 199.327 15,904 At 31st August 2024 78.853 78.907 57.471 215231 Net b(Kyk value At 31st August 2024 376,034 1.504.332 At 31st August 2023 1090 779 385,133 1475 912 Cost or valuation at 31st August 2024 15 r¢prc5ented by. ]mpMements Fixtu Fmbold property property rittings TotAIs Valuation in 2024 1.202,819 454,941 1719 563 Page 26 The U￿￿line Preparatory School Ilford Notes lo tbe Finan¢ial Stat¢meMts- ¢ontinued for the Year Ended 31st August 2024 12. Debtors: amounts falliDg due Ivithin one year 2024 2023 Fees receivable Other d¢btors Pr¢paym¢nts 3.759 3.077 2,288 3.313 7.072 13. Credisors: amoDnts falliug due vithin one year 2024 21)23 Bank loans and 0v￿draftS (see note 15) Fees in advance Trade ¢reditor8 Deposits received from parents Social security and other t&xes Other creditors Pension control A¢crued expenses 10,140 64,380 214 24.050 12,860 59.567 8.011 11,337 9,890 99,472 (19) 3,150 12,591 45,455 8.146 16.552 190 559 14. Creditor5: #rnoullts f211ing due after more one year 2024 2023 Bat￿ loan5 (see note 15) Deposits received frorn patents Accruals and defvrred TncoEne 14.806 24.946 26.775 1.011.063 .025.869 15. L￿llS An analysis of the maturity of loans is given below.. 2024 2023 Amounts falling du¢ within one ytsr on demand.. Bank loans 10.140 Amounts fallin8 betsveen one and two years: Bank loans- 1-2 years Amounts falling du¢ b¢tweeA two and five years: Bank loans - 2-5 years 14.806 Page 27 The Urs¥line Preparatory School Ilford Notes to the Financial StstemeDts- ClJDtimMed for the Year Ended 31st Augusi 2024 16. Provlsions for liabilides 2024 2023 Provision for pension deficit 104480 108,525 17. Movemettt itt fuLd$ Net move￿etht in fllnds At 3118124 t JN23 Unrestricted funds Gen¢ral fund 1.546.795 (966.586) 580.209 Restricied I￿ndS Restricted funds 39,364 39.364 TOTAL FUNDS 619.573 Net MOV￿nent in funds. included tn the above ar¢ as follows.- Incoming resoure Rosouree eXpe￿ded and MovemeDt ID funds Unrestrided fullds GeTh¢ral fund 1,144.746 (2.111332) (966.586) Restricted funds Restricted funds 39.364 39,364 TOTAL YufiDS 1144.746 2.111332 39 364 927.222) Comparatives for mov¢mÈnt in funds Net movement At 3118123 Ai 119n2 Unrestricted fuud$ Generdl fund 1.475.061 71,734 1.546,795 TOTAL FUNDS 1475 061 71,734 1546 795 Paoe 28 Tbe U￿￿1￿￿E Prey4ratory Scbool Ilford Notes to the Finaneial Statemeots- eontinled Cor the Year Ended 31st August 2024 17. Movemelll fix fullds- eonlinued Comparative n¢t movement in fund4 included in the alM)ve at? as follow5: IDtoniiDg Resourcu Movement resources expellded in funds Unrestricted funds General fund 1207.842 (1,136.108) 71.734 TOTAL Fuf4DS 1207 842 1.136,108) 71,734 A ¢urrenty¢ar 12 months and prior year 12 months combin¢d tA)sition is as follows: Net movement iti funds At 3118124 Al J19ll2 UDreslri£ted funds General fund .475,061 (894.852) 580,209 Restricted f￿￿￿5 R¢5tricted funds 39.364 39.364 TOTAL Fuf4DS 1475061 (855 488) 619.573 A ¢urrent year 12 rnODths and prior year 12 months combined movement In ￿nds, included the aknve are as follows: Incoming Resources resources expended Gaius Movement I0￿c$ iu fuuds Unrestricted General fund 2J52.588 (3247.440) (894,852) Restricted funds Restricted funds 39.364 39J64 TOTAL FUNDS 2J52.588 3,247 440 39.364 855,488) Page 29 The Ursuliue Preparalory Sebool Ilford Notes to tbe Financial Statements- th)ntiDued for *be Year Ended 315t August 2024 18. Related disclosurts There wer¢ no related paty transactions for th¢ year ended 31st August 2024. 19. Post balance sheet events The Tnistees have decided to ¢los¢ the school of ihe end of the Summer term. 2025. Based on this decision. the finRncial statemcnts have be¢n pr¢paTed on break-up basis. Ae¢ordinglyg the property has been stated at an amount derived from a professional valuation which advised an amount of £1.5 million as expected minimum proceeds. In t¢rnis of closu¥¢ costs. arl 8￿rnal of £l,011.063 has been mado whi¢h includes an Amount of £452.895 for the employer debt on withdrawal froni the Tlld¢pend¢nt Schools, Pension Scheme and £375.000 potentially due to The Ursiiline Order should ihe property be sold for £1.5 million. Plvdse note that the amount of £375.IJOO is calculated bastd on gross selling proceeds. 20. Slaff peDSiOIIS SCHEME: TFfRetitement SolUtio￿- Independent S¢hwl¥ Pengion Schem¢ The company participates in the schem4 a multi-employer which provides benefits to some 61 non-as50¢iated employ¢rs. The $che￿e is a defined benefit scheme in the UK. 11 is not po&sible for the compai)y to obtain suffiei¢nt information to enable it to account for the scheme as a defin benefit scheme. Therefore it a¢counts for the scheme a defined contribution scheEne. Th¢ scheme is subject to the fijnding legisl&tion olltlined in the P¢nsions Act 2004 which cam¢ into fo￿ on 30 De¢ember 2005. Thi4 togeiher with documents issued by the Pensions Regulator and Tcchni¢al Actuarial Standards issued by the Financial Rq)orting Council. set out the framework for funding defined b¢n¢fit o¢cupalional pension s¢h¢￿e5 in the UK. The scheme is classified as a 'last-man standing arrangem¢nV. Therefore the company is potentially liable for other partiripaling employers, obligations if those etnployers ore unable to meet their share of the schem¢ deficit following wiihdrdwal from the seh¢me. Particl￿tIng employers are legally required lo meet their share of the scheme deficit on an atMuitypUr¢h￿ basis on withdrawal fnm the scheme. A full actuarial valuation for the scheme was catried out with an effective date of 30 Septemkr 2020. This actuarial valuation was certified on 22 December 2021 and sholved assets of £201.Im. liabilities of £256.3m and a deficit of £55.2m. To eliminate this fijnding shortfall. the trustees and the participating employers have agr¢ed thot additional contributio￿ will be pai(L in Combination from all employ￿s. to the scheme as follows: Deficit ¢orttributions From I September 2022 to 30 June 2032: £2.687.000 per annu (payable monthly and in¢re8sing by 3Yo on each 1st September) Note that the scheme's previous valuation was carried out with an eff¢¢liv¢ dats of 30 September 2017. This valuation showed assets of £149.4m. liabililies OF £187.6tn and a deficit of £38.2m. To eliminate this funding shortfall. the Trustee hos asked the txrticipaling employers to pay additional contribiition5 to the sch¢me as folloivs: D¢fieil ¢onlribiitions From I September 2019 to 31 April 2030= £2 J87357 per annu (payable monthly and incr&￿illg by. 3Q/& on ¢a¢h 1st SepÉetnber) Page 30 The Ursuline Preparatory Sehool Ilford Notes to the Statements- ¢ontiDued for tlte Year Ellded 31st August 2024 20. Staff pensions- continued The recovery plan contributions are allrKated to vd¢h participating ¢mployer in line with their estimated Share of the scheme liabiliÉies. Where the scheme is in d¢ficit and where the company has *g￿d to a deficit fill)ding arrangement the company r¢cognis¢s a liability for this obligation. The amount r¢cogni5¢d is tli¢ net present value of the defs¢il redu¢lion contributions payabl¢ under the ag￿Met￿t that relates to the deficit. Th¢ present value is calculated using the di￿oUnt rate delailed in th¢se discÈosurag. The unwinding of the dis¢ount rate 15 re¢ognis¢d as a fillance cosl. 31 August 2024(£s) 104,480 31 Avgust 2023(£s) 108.525 31 Augusts 2022(£s) 123,751 Present value of pry)vision RECONCILIATION OF OPENING AND CtA)SING PROVISIONS Period Ending31 Aiigust 2023(£s) 123.751 5,019 (13,555) (6.690) Peri¢xl Ending31 Igust 2024(£5) 108,525 S.849 {13.961) (4.067) Provlsion at start of period Unwinding of the discount factor (inter&%t exw) Deficit contribution paid Remeasur¢ments- impact of any change in assumptions Remeasurements- amendm¢ntS to th¢ contribution ￿hedUle Provision at end of period 104,480 108,525 INCOMB AND EXPENDITURE IMPACT Period EtKiing3l August 2023(£8) 5.019 {6,690) Pericd Ending31 August 2024(£s) 5.849 4,067 Interest expense Remeasurements- impact of any Change in 8ssumplions Rem&qsurements- amendments to the contribution schedule Contributions paid in reSp￿t of future serYÉr¢ includes deftned contribution s¢hemes and futiire service c(xitributions (i.e. excluding any deficit reduction payments) to defined ben¢fit s¢hemes which are treatrd as defined contribution schemes. To be completed by the company. ASSUMwfEONS 31 August 20240/0 per 31 August 2023a/o per annum 31 August 2022(/o per Rate of discount 4.68 5.79 4.31 Pag¢31 The U￿¥1￿￿e Pre￿rnt0ry School llford Notes to the Finalleial Statements- eontiJued for tbe Year KDdeil 31st August 2024 20. St%ff pensions- contill￿ed The discount rdte5 shown above are the equivalent single discount Tates which. when used to discount the future recovery plan contributions du4 ivould give the $8rne rewlts as using a ￿11 AA corporate bond yield ¢UTve to discount the same recov¢ry plan contribtrtiOTLS. Th¢ following ￿hedUle details the deficit contributions agreed ￿tween the company and the scheme at vdch y¢ar end p¢riod- DEFICIT CONTrIBUTIONS SCHEDULE 31 August 2024(£5) 14J80 14.812 15.256 15,714 31 August 2023(£s) 13.961 14.380 14,812 15.256 31 August 2022(£8) 13,555 13,961 14.380 14.812 Year ending Year I Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Yw9 Year 10 Yearll Year 12 Y¢ar 13 Year 14 Year 15 Y¢ar 16 Year 17 Year 18 Year 19 Year 20 Trii 16.185 16.671 17.171 14.738 15.714 16.185 16.671 17.171 14,738 I S.256 15.714 16,185 16.671 17,171 14,738 Th¢ company must TecogtilS¢ 8 liability me&sured as the present value of the contr&blltsons payable that arise from the deficit recovery agr¢eillent and the resulting expefjse in the income and expenditure account i.e. th¢ unwinding of the dis¢ount rate as a fiJwi¢¢ cost in the puiod in which it arises. It 1$ these ¢oDtributions that have been used to deriv¢ th¢ ¢ompany's balance sheet liability. The School has bcen notified by TFf Retirement Solulions of the estimated employer debt on withdrawal from Th¢ Independent Schools. Pension Scheme based on the finan¢ial position of the Scheme as at 30 Septemb¢r 2024. As of this date tl)e estimated employer debt for the School was £452.895. This amount hxs been pn)vided in the accounts exc¢plional It￿ll8 as a closure cost liability. Th¢ pension ¢harge for the year includes contributions payab]e to the scheme of £35,256 (2023: £43.205). The School participates in tlie Teache￿ PensioD Scheme (England and Wales) {￿h¢ TPS") for its teaching staff. The pension charge for the year includes contributions payable lo the TPS of £31.907 ({2023.. £46,673) the year-end £1,857 (2022: £4.306) wa5 a￿￿ed in respect of ¢onlribulions to its scheme. P￿e 32 The Ursthliue Preparalory Sehool Ilford Notos to tbe Finatt¢ial Statements- contiDlled for the Year EDdeil 315t August 2024 20. Stsff pen$ions- eontiuued The TPS is A statutory. unfunded, defined benefit oecupational scheme, governed by the Teachers, Pensions Regulations 2010 (&% am¢nd¢d), and the Teachers, P¢nsion Scheme Regulations 2014 (8S amended)- These regulations apply to t¢achers in Schools and other educational establishment including academies, in England and Wales that are maintsined by local authorities. In addition, teachers in many independent and voluntllry-aided s¢hoo15 and teachers and lecturers in some establishments of further and higher education may be eligible for Thembership. Membership is automatic for full_tim¢ teachers and I￿tUre[S 8DJ. from l January 2007. automatic too for teachers and lecturers in part-time employment following apwintment OT a ch8ng¢ of contract, Twhers and lecturers kre able to opt out of the TPS. The employer contribution rate is set following scheme valuitions undertak¢n by the Governm¢nt Actuary DepartTn¢nt. The 1&ts5t valuation Feport in wect of tlie TPS was prepared as at 31 March 2020 and was published in October 2023. The report ¢onfmned that the ¢mployer contrfftblltion rate forthe TPS would iAcr¢ase from 23.6Yo to 28.60/0 from l April 2024. Th¢ administration ￿￿ge remains at 0.08Y• of the employers, salary ¢05ts Mthich increases th¢ employer payment rate from 23.6Vh to 28.68Yo. Page 33