St Dominic's Priory School (Stone) (limited by guaranlee) GOVERNORS, REPOR T AND FINANCIAL STATEMENTS 31 Auyust 2022 Comp8ny Registration numkr.. 07563439 Regist¢red Charity number.. 1141147 St Dominic's Priory School (Stone) CONTENTS REFERENCE AND ADMINISTRATIVE DETAILS GOVERNORS. REPORT STATEMENT OF TRUSTEES. RESPONSIBILITIES rNDEPENDENT AUDrroR'S REPORT STATEMENT OF FINANCIAL ACTIVITIES 13 BALANCE SHEET 14 CASH FLOW STATEMENT 15 ACCOUNTING POLICIES 16 NOTES TO THE FINANCIAL STATEMENTS 20 St Dominic's Priory School (Stone) REFERENCE AND ADMINISTRATIVE DETAILS REGISTERED COMPANY NUMBER 07563439 (England and Wales) REGISTEIiED CHARITY NUMBER 1141147 REGISTERED OFFICE 37 Ststion Road Stone Staffordshire ST15 8ER TRUSTEES Board of Governors 2021-2022 All Governors are Blso Directors pnd Clwiiy TTUStees of Si Dominic's Priory School (the "Company" or the"S¢hool") ond the following served durin8 the period.. PARENT GOVERNORS Victoria Titley {Resign¢d 31 August 20221 Martin Ware An8ela Hughc8 Antony Liversa8e EXTERNAL GOVERNORS Karen Champ- Chair Georgina Brian- Vice Chair Petcr Thorpe Stuart Hughes Emma Dawc$ Sarah Sim¥- P4rent Inol clected by the p&rent body) EXECU-fivE OFFICERS Bodil Morten5en (Finance Manager} (Appointed September and r¢sign¢d February 2022) Lisa Siatham (Pinan¢e Manager) (Appointed February 20221 RebeccA Horrison {Headtea¢her} AUDITORS RSM L'K Audit LLP Chartered Accountants Festival Way Festival P￿k Sioke-On-Trenl STI SBB BANKERS Barclays Bank Siaffordshir¢ & Cheshire Team Unit 3 Riverside 2 Campbell Road Stok¢-on-Trent ST4 41U Page I St Dominic's Priory School (Stone) GOVERNORS, REPORT Th¢ Governors (who T￿￿te¢S aud Dir¢ctorn) present th¢ir alluuai report alld the audit¢d fjnancial statements for the period ended 31 Augusi 2022. OBJECTIVES AND ACTIVITIES Public Benefit The Governors have complied with their duty in the Charities Aci 2006 to have due regard io the publi b¢n¢fit guidance publisbed by the ComD]i55iOD and are ¢v¢r mindful of tbe need to provide public beDefit and to thi's end sei its fees as low as possible to meet tbe funding r4uiremenls of operating the school. Temi fees for the 2021122 academic yeaT wer¢ as follows.. Pre School ReLtptiou Pr¢paratory School ￿ri[￿ary l) Preparatory School {Primary 2- 6) Senior School (Year 7) Senior School (Year 8- 11) £2.520 Full Time £3,035 £3.374 £3.475 £3.702 £3.813 The sehool u5e5 a mix of bursaries and sponsorshLPS a5 a way of ensur5ng children who othenvise would not be in a position to attend the school can do so, with 6% of gross fees currently ￿loCated for such bursaries and scholarships. It is inherent in the school's eihos that an individual's economie status, gender. ethnieity. race, religion. or disability do not fom) part of the selection procedures. I)u¢ to the COVID p&ndemic which cla.fed thc school on 20th Yarch 2020 the gov¢rning body dtcided to keep the fees for 21122 a¢ademic year the sarne as 20121 fees to help families during these difficult ttmes. We are ￿ equal opportunity organiutioll at]d &re committed to a working environment that is free from any forni of discrimination on the grounds of colour, race, ethniciry. religion, sex. s¢xuAI orientation, or disability. We will make reasonabl¢ 8djusttncnts to meet the needs of staff or pupils who aTe or become disabled. The scbool ￿SuallY makes its sponing and drama faciliiies available to I￿#1 clubs for bire, bui due to developmen(s to th¢ site the letting facilit1¢5 during the 5¢hool year had to be suspended. However. the facilities are let during the school holidays to a holiday club which provides holiday care for our school children and the wider communiry. These developments are now complete 2nd the letting of the facilities to the ¢ommunity recornw¢nced in September 2022. Its pupib also participate in a wide range of activities ¢knat benefit the local conununity. ACHIEVEMENfs AND PERFOIIJIANCE The Govemors bave adopted a "five elements" approach Èo drive the s¢hool forward. It is frli that this framework focuses the 5ttate8ic dev¢lopmeDt of the school and pllows all stsk¢holders to better understalld how the Govemors arc Ii)oking to d¢velop the school. Excellenl educaiion and pastoral ca Up￿aded facilitics Unique cxp¢rienc¢s Community engagement Target class sizes (15-20) IA) Excellent FAIucAiion Examination he&dlineg for 2021ll2 are as follows: IOO/• of Students have been accepted into 'next step. choiee of educauon 93Q/o of all grades were equal to or bigher than predicted 600/0 of grades awarded were grade 7-9 67 /D of s￿dentS Awlrded l or rnor¢ grade 8 or above Page 2 St Dominic's Priory School (Stone) GOVERNORS, REPORT NatloD&I vs School Pas$ Mt GrAde 4 And ibove SUWECT An Biology Business Chcmistry Dual Science Award En&lish FrenLh NATIONAL fy/o 81 92 82 93 SCHOOL Tr/• 100 80 80 100 loo IC#J 70 78 til Geography History Maths MLI%iC Physical Education Physics 72 71 65 83 82 94 81 77 100 100 100 ILK) 75 Ic(J 100 ICN) Spanish NlltlonAI vs S¢hoDI Pa$1 at Grade 7 #nd above SUBJECT Art Business Dual Scienc¢ Award English Fr¢n¢h Ge0￿PhY Ilisiory Maths NATIONAL Q/• 28 33 io 20 31 30 29 20 78 40 50 49 loo loo 70 33 75 Physical Education RE Spanish 34 38 31 67 50 IBI Up￿ded f8cilities The focus of the Governors on upgrading the facilities continues. During the year work commenecd on upgrading the Priory Hall Ènd extending the ¢hangiiig provision in the Sports HAII. Th¢se wer¢ sub$tAntially completed during ihe year and f5nÈlly ¢ornpleted by the end of the calendar year. Also in the year there wa$ signifi¢ant investment in upgrading the dining facilities for the children. The next major investment of facilities is the upgrad¢ of the IT hardware and software within the ￿h0O1. (Cl Unique experiences Providing the childrell at St Dominic'5 Wlth Unique experiences of scbool life that are memorable, rewarding and life et)hancing is an area thai the Governors are keen 10 expand. This includes school trips, digniiaries visiting the school and participation in Duke of Edinburgh bronze and silier awards schemes. Page 3 St Dominic's Priory School (Stone) GOVERNORS, REPORT (D) Couuuwiity Engagement Ensuring that the school 1$ a¢tiv¢ly engaged wilh the local con]munity is something the Governors believe is ben¢fi¢ial for all. Scbool facilities are llortnally used and made available to local COLumunity WUP$. Pupils froin the school und¢rtake many local trips, which broadens their education and their local understAndiDg. We wotk with Stone Town Council its areas su¢h as Remembrance Day, Sione Festivals. s￿n¢ in Bloon4 and the like. (El Pupil Numbers/Class Size The Govemors have estsblished a medium-terni goal of 200 pupils for the school and a Iottg-terni goal of 230 pupils. This nuTnbeT of pupi15 IS coiisistent with class siz¢s of 15-20 pupils. Pupil numbers over the course of the 2021-2022 academic year is as below.. MONTH September October Noveynber DL¢ember January Febnwy March April May Jun¢ July September 2022 PUPIL NUMBERS FOR 2021-22 174 174 177 174 179 180 180 185 185 186 185 188 including th¢ 26 new stsrters FiTfuRE PLANS The school continues to rwogni5e the financial p￿s$Ur¢S facing parents and proactively seeks way5 in whieh cost saving5 or additional funding can be 2¢hieved, so rhat fees can be kept as low as possible whilst still maintaining the high Standards that the school expects in all ar¢as of its operation. Significant improv¢m¢nt works have been made to the site th¢se Èmprovements will continue to ensure that repairs and preventative maintenance are carried our in a logical and timely manner. The senior school has maintain¢d a 5t¢ady in¢rease of pupil numbers over the last few yeaT5 du¢ to the d¢m2nd for high-level edU￿tIOn being sought in the are& To accommodaie thi's increase the school 15 now in the fortunate position of offering a two-fortn enty approach in its senior School. With year 7 two-for enty model continuing y¢ar on year. FtNANCIAL REVIEW Financwlposiho The school has generdted a surylus of £44.34412021.. deficit of £413,602) in the period and bas secured fitrdncial support ill th¢ forni of donations for the comitig year thai support investment in ill)proved faciliti&s for the school and operational costs. The scknDI's total incorne for the year wa$ £2,524,424 (2021- £1,933.1371 School fees weie slightly ahead of the previous y￿￿. recognising in¢re&ed numbcr of pupils. Fees had been held at previous years, levels to help parents manage thcir own finanLes during the Covid pandemic. Donaiiolls increased in the year to support the Tefurbishmeni of the Priory Hall and improvem¢nt of changing fa¢iliti¢5 in the Sports Hall. Operating expenditure during the y¢ar was V¢ry sitnilar lo th¢ previous year at £2.Sm Page 4 St Dominic's Priory School (Stone) GOVERNORS. REPORT Financiolposition (contEnued) Th¢ casb at bank balance held by the school at 315t August 2022 was £356,138 (2021.. £327.376). Going forward into tlie 2022123 school year the Governor's consider the fund5 available at the bank tQ8¢th¢r with furtber conunitted donations ￿ be sufficient to support the school'$ investment needs and operations. Based on the school's projections, which include donations received since thL year end, there 8re sufficient fund5 available to support the school's operatioDS for the foresceable future. Throughout the a¢ademie year 2021122 donaiions toraliing £650,01112021.. £331,701 I were receiied by the school. The school hA5 capital commiirnents at the year end of £467,837. The projcet is cxpected to ¢omplde ai the end of 2023. FIip7dpolicies The school has ￿rtdS of £4,256.946 {2021.. £4.212,6021 which ¢onSiS￿ of restriclcd funds £59,08712021.. £59,857) and unrestricted funds of £4,197,859 12021., £4,152,745), Th¢ aim of the 5¢hool is to build up 5urricicnt rescrve8 so that thc school can operate without the rcouircment of the suppon of donation$ and will Continue to Tnake inv¢blm¢nt in th¢ school faciliiieg. The ILvel of ft¢e r¢s¢rves, being unrestricted funds less unrestricted fixed assets, 15 £54,268 12021.. £103,384). The target level of free reserves is the urrent donation level which the schi>ol plans to achieye by continuin8 to incre05e pupil numb¢r5 4nd reduce OP¢rniing ¢osts. Reilrit'ledfunds This fund repre8enty fund5 received for specified PUTPOge¥. Unreslrictedliinds This fijnd primarily relates lo income from sc]y)ol fees ond donations received. GOiNG CONCERN The Governors hRve ¢onsid¢red the business risk5 of the school. The Tnain ¢hallenge of the lasr two yeats ha% b¢¢n the impact of Covid-19 on the educatiun of uur students and the possible financial imp8¢t on their parenis. We have welltheted this challen¥e and proved that despit¢ lo¢kdowTrs we maoagcd to keep educatin8 our $nJd¢nts to our expe¢i¢d high $1gndard$. New risks that have been considered include ieacher strikes for extra pay, ellergy cosis following the war in Ukraine. inflaiion and th¢ g¢n¢ral cosi of li*in8 and the con¢¢rn over the Labour P8rty'5 statement to tskc away th¢ Charitabl¢ $tatU5 of IndepcndLmt fe¢ paying Khools if they were to be clected to Government. All will bave financipl itnpli¢ations ftir the bcbool. The fitst tlJr¢e of these will crystallise over the next year and in the cash forecasts for the school Iprojections to March 20241 the Governors have included approprikte changes wherc possible. There could 8150 bc an effcct on parcnt incom¢s in this period and thc govcrnors arc mindful of any impaLi on sfudenl numbcrs. To this cnd thc 8ov¢mors havc bccn conservative with student numbers in thc Lash forecasts. The governor8 will continue with their programme of cost rutting initiJtive5. The final risk, that of Lalxjur Paty policy to rcmov¢ charitable statu5 from all lrtdependent f¢c paying ￿h0o]s, 15 mtrre long t¢Trn and does not fall within the timescale of these cash forecasts. It is however a concern and the governors are following advi¢¢ of The Independent Schools Association artd other ¢ducational bodies. These forecasts show the cxtent of rcliancc thc school has on third paty donations. Thc goN'crnors continue with 811 dvenur5 available to rc¢ruit ncw pupils to Incrcase ￿venu¢S and at thc same time reviewing all operating costs to reduce tha¢ relian¢¢ on third party donations. The ￿h0o1 ru￿entlY has CQmmitt¢d financial 5UPPOrt in the fomi of donation5 to enable it ro operate for the foreseeable fijttwe. The governors ther¢fore believe there are ad¢quat¢ resources which will ¢nable th¢ s¢hool to me¢1 lis liabili(i¢s for at Ivdsi one year from the skgniDg of th¢5e fjnancial $181emertts tsking into account these risks And reliance. For this rea¥tin, the gov¢mors believe that there are no material uncertainiies on going eoncern and have adopted th¢ going concern b&5is in preparing these financial sratements. Page 5 St Dominic's Priory School (Stone) GOVERNORS, REPORT STRUCTURE. GOVERNANCE AND MANAGEMENT GovernihgDocEtmenl Si Dominic's Priory Sehool (Ston¢). a company Limited by Guarantee No 7563439. is also a Charity, RebTlStered No 1141147 and was incorp)rated on 14 March 2011. On 26 May 201 l it took ov¢r certatn assets and liubiliti¢5 r¢l8ting io Si Domini¢'s Priory Scbool from th¢ English Dominican Congregation. The school 15 governed by its Articles of Association. PrincipalActivilies The Anicles of Assoeiation under which St Dominic's Priory SL,huol Istone) is ¢stsblish¢d sds as its obj¢cnv¢'Yhe advaftcemeni of education in the Roman Catholi¢ tradition by thc conduLt of an independent school or SLhools in particular to operate Si DominiL'b Priory SLhool. Stone. Sidffordshirc and by ancillary religious and edu¢gtion41 Y4ctivitie5 for the b¢n¢fit of th¢ ¢ommunity al large." The company operates St Dominic's Priory School in Stone. Stafford4hire. The s¢hool is pr¢sently a day school. The day school consist1+ of PrcparnLOry ¥¢hool for children betWLen th¢ a8¢$ of 3 years And I l years and a Senior school for ¢hildr¢n b¢￿een the ages of I l years and 16 years. OrganisaiioAal stryrfvre Day lo day running of the school is d¢leg8t¢d to thc Head reacher and th¢ Senior L¢adersl)ip Tcam who op¢raie within polici¢s sel by the Govtming Body. B¢for¢ ¢onsideration by the fvll Gov¢rnin8 Body matters are nOrn￿llY discussed by speciali81 sub-¢ommittee8, which comprise: Finance and Oener&l Purposes lin¢ludin8 Business Development) GovernE4n¢e Educ81ionlCatholic Life Governors appoipttmenr und (rai￿l￿g The governors constantly review the balance of professional experience and str¢n¥ths within the Governing Body. The Governin8 Body incliides G￿￿ernOrS specifically identified lor their experience and ¢apability in the fields of business m&DagemeDi finance, facilities, and education. All prospcrtivc Governor appointees are agreed by ihe full Governing Body prior ¢0 appointmcnl and on appoin¢ment undergo an induction programtne. Governor tsaininB is provided on all 'as required. basis. Durirtg this p¥riod the ArtiLle5 of Assuciation wtr¢ re¥iLwed and amended, intg consideration the recommendations of the AGB15 review carried out in tht previous year. Kei. management reimuneraiiort poliLy The remuneration of kcy managcmcnt rrtrsonncl is s¢t by ihe Bo8rd. with th¢ policy objcctivc of providinB appn)priatc inccntivcs to cncourage cnhanccd p¢rformancc and of reward?ng them fairly and responsibly for their individual Contributions to th¢ Company's success. Tbe appropriateness and relevance of the Temuneration policy is reviewed annually, including reftr¢nce to omparisons with oiher independent schools Is well Hs Sta￿ pay scales, io ensur¢ that ours remains sensitive io the broader i55ues of pay and eMplo)ryn￿l ¢ondiLions elsewhere. Appraisa15 are carried out annually by th¢ Head OT external organisations. Page 6 ## St Dominic's Priory School (Stone) GOVERNORS' REPORT ## sae ## DISCLOSURE OF INFORMATION TO AUDITORS In so far as each of the governors are aware, as governors of the charitable company, at the date of the report: - There is no relevant audit information of which the charitable company's auditors are unaware; - • Each governor has taken all steps that he or she should have taken as a governor in order to make him or her aware of the relevant audit information and to establish that the charitable company's auditors are aware of that information. By order of the board Date: 21 March 2023 _Page7_ St Dominic's Priory School (Stone) STATEMENT OF TRUSTEES. RESPONSIBILITIES The TnESi¢¢S (who are also the DIreC￿r$ of St Dominic's Priory School (Stone) for the purposes of company lawl are responsible for preparing ihe Tn￿[￿5, Re￿rt and the f￿ancIal s￿reMentS in accordance with applicabl¢ law and Unit¢d Kingdom Aeeounting StQDdard5 (Unit¢d Kingdom Generally Accepted Accounting Practice). Company law r¢quircs the Trustees to prepare fuwllcial sta*menLS for eacb fjnancial year which give true and fair view of the state of affairs of the charitablc company of the ineomsng resources and application of r&*oure¢s, including th¢ in¢om¢ atld expenditure of th¢ chaTitable company> for that period. ID preparing these f￿ancial statements. the Trustees are required to., s¢led suitable a¢¢ountinB ￿lIcIeS and then apply them consistently.. observe the methods and principles in the Charities SORTr; make jud8cment$ and estimates that are reasonable and prndent; pr¢paT¢ the fir￿n¢La1 statements on the goiny concern basis unless It is inappropriale to presume thal the charity will continue in busine￿. The Trustees arc re.¥p()nsible for keepin8 proper accowiting record% that disclose with reasonable accuracy at any time thc financial p081tion of the charitablc company enmblc them lo ensur¢ that the financial %latemenL% comply wilh the Compnies Ac¢ 2006. Thcy arc fdlso responsible for safeguardin8 the assets of the ch&ritsble company and hen¢e for tukin8 reasonable steps for the prevention and detection of frnud And other irregularitl¢S. Page 8 INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF ST DOMINIC'S PRIORY SCHOOL (STONE) Opinion Wc have audited thc financial stat¢ments of St Dominie's Priory School (Stone) (th¢ 'eharitsble company,) for the year ended 31 Au8USt 2022 which comprise rhe Statement of Financial Activitie5 incorporating Income and Expend1tL￿e Accouni, the Balanee SheeL the Cash Flow Staiernent and noies to the financ5al Statements, including significant accounting policies. The financial reporting framework thai has been applied in their preparation is applicable law and United Kingdoni Accounting Standards, including FRS 102 "The Fin2n¢ial RcportÈnE Standord appli¢able in the UK and Republi¢ of Ir¢12nd" (United Kingdom Genernlly Accepted Accounting Practi¢e). In our opinion the financial statements.. give a true and fAir vi¢w of the statc of the eharitable eomparty's affairs as at 31 August 2022 and of its sncoming rcsour¢es and application of rcSou￿¢s, including its Income and cxpendirllre, for the year then elldcd; have been properly prepared in a¢¢ordanee wrth Uni¢d Kingdom Gen¢rally Accepted Accounting Practice. 2nd have been prepared in accordance with the requirements of the Companies Act 2006. B*sls for opinlo We conducted our audit in accordance with International Standards on Auditing {UK) (ISAS (UKJ) and applicable law. Our respon5ibilitses under those sttndards are further described in the AuditOT'S responsibilities for the kudit of the finaDciAI statements section of our r¢port. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audii of th¢ f￿anCIal statetnents in the UK, in¢luding th¢ FRC'S Ethical Standard and we have fiLifill¢d our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we hav¢ obtained is sufficient and appropria* to provid¢ a basis for our opAnion. Con¢lu5ions relating to going ¢on¢ern In auditing the fllwicial Statements, we have concluded thai the trnstees. use of the going concem basis of accounting in the prepardiion of the finalletal statements is appropriate. Based on the work we have perfonned. we hav¢ nol identified any material unc¢naintie5 relaling to ¢V¢Dts or conditions thaL individu&lly or collectively. may cast significani doubt ot] the chatitsble company's ability to Continu¢ p5 a going conc¢rn for a petiod of at least twelve monEbs fr(*m wh¢n the financial ststeTneDts are authorised for Issue. Our responsibilities and the responsibilities of thc trustees with respect to going cotjcern are d¢wnb¢d in the relevant sections of tbis ￿port. Otber Informatlo The other itifomktion ¢ompris¢s th¢ infonjjation included ill the Govemors. R¢port oth¢r than the fthancial statements and our auditor s report thereon. Th¢ tntst¢¢5 arc responsible for the oth¢r information contained within the GovemoTS' Repon. Our opinion on the financial statements docs Mot covcr the othtr infomution an(L ¢xcepi to the extent othenvise ¢xplicitly stated in our ￿rt, we do noi express any f( ofassuTan¢¢ conclusion thcreon. Our responsibility is to read the other inforn)ation and. in doing so. consider whether the other inforni8tioD is materially ineonsisi¢nl with the financial sthtements or OUF knowlcdge obt2in¢d in the course of tbe audii or otherwise appears to be materially missthted. If we identify such material inconsistencies or appar¢nt material missiatetnents. we are required io detemiine whether tbis gives rise io a tnateriai misstateD]ent i the f￿anLIal statements th¢mselves. If. based on the work we have p¢rfornJ¢d, w¢ con¢ludc that there ks Ma￿lai misstatcment of this other inforn￿tion, w¢ arc r¢quir¢d to report thar fact. Page 9 INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF ST DOMINIC'S PRIORY SCHOOL (STONE) We have nothing to r4￿rt in this regard. OpiDjOIES DD Otber matters prescrll)ed by the Companies Act 2006 In our opinion. based on the work undertaken in the course ofthe audit.. the inforn)ation ￿Ven in tbe Governors ReporL w'hich includes the Directors, Report, prepAred for the PUTposes of company 18w, for the fJnan¢ial year for which thc fJnanci81 statements are prepared is consistetst with the financial sthtements,. and thL Directors. Report included within the Governors. Report has been prepared in accordance with applicable legal requirements. Matten on wbl¢h we 8re required to report by exeeption In th¢ b'ght of the knowledge and understanding of the ¢baritable co￿PanY and its enviroTun¢nt obtained iti the course of the audit, we have not ideDtified material missiatetnents in the Direetors. Report included within the Governors, Report. We have nothing to rew)rt in respect of the following matters wh¢r¢ the Companies Act 2006 requtres us to report (o you if. in our opinion.. adequate accountsng records haye not b¢en kep4 or returns adequate for our audit haye noi been received from branches not visired by us- or the fir￿￿la1 stat¢ments are Dot in agree￿¢nt with th¢ o¢¢ounting records and reftwn5; or certain dis¢losure5 of trust¢es' remuneration speLified by law are not mad¢,' or we have not received all the infom]ation and explanations we require for our audit. the Governors were nol ¢n¢itied to prepare the fmancial statem¢nts irt accordanc¢ with the small companies, regime and take advantage of the small companies exemption from the requirement to prepare a Strategie Report or in prepartng the DiieLtorts' Report. Rospon$lbilltles of trustees As explained more ￿llY in the Statement of Trust¢¢s' responsibilities set out on page 8, the tNSt¢es (who are also the directors of the eharitabl¢ ¢omp8ny for the pur￿SeS of company 12w) are r¢sponsible for the preparation of ihe f￿ancial staiements and for b¢ing salisfied that they give a Irue and fair view, and for such internal control as the trustees determine is necessary lo enable tbe preparation of financial statements that are free from m81erial misstat¢m¢ni wh¢ther due to fraud or error. In preparing the financial s¢at¢ments, the trust¢es are responsibl¢ for assessing the charitsble company's ability lu continu¢ as a going ¢on¢eTn, disclosing, as applicable, rnatters related to going concern and u5in8 th¢ ¢oncern basis of accounting unless th¢ trwtc¢s ¢ith¢r intend to liquidak the charitabl¢ Company or to cease operations. or have no realistie alternative but to do so. Auditor'$ responslbUltie8 for the audlt of tbe finaucial 9tatemeDts Our obje¢tlVC5 are to obtain reasonable wuran¢e about wh¢ther the financial statements as a whole ar¢ free from material mi&4talrTn¢nl, wh¢th¢r du¢ 10 fraud or e￿0[, and to issu¢ auditor's report that includes Dur opinion. Reasonable assurance is a high level of as5Utance, bur is noi a guarantee that an audit ctsnduet¢d in a¢cordan¢e with ISAS QIK) will alway5 detecr a rnateri￿ missla￿ment when it ¢X15ts. Misslatements can arise from fraud or error and are considered material if. individually or in the aggregate, they could reasonably b¢ oxpected to intlu¢nc¢ th¢ ¢¢onornic d¢cisions of users taken on the basis of these fman¢ial stytements. Ptsge 10 INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF ST DOMtNIC'S PIUORY SCHOOL (STONE) The ext¢Dt to whl¢h the audlt Ivay consldered ¢apable of dete¢ting iTregulAritÈes ID¢luding fraud Irregulartties are inst8￿CeS of non-compliance with laws aud regulations. The objeetives of our audit are to obtsin suffielent appropTiate audit e￿idenCe r¢gaTding compliancc with aw6 and r¢gulation5 that have a direct effect OD the det¢rmiuation of material amounts and disclosures in the fuwcial ststements, to perforni auth't procedures to help identify instsmces of non-compliance with other laws and regul2tiuns thai may haie a inaterial effect on the fthancial %tatements. and to respond appropriately to identified or suspected non-wmpliance with laws and regulations idenrified during the audit. In relation to fraud, the objectives of our audit pre to identify and asses5 the risk of material mi55tat¢ment of the financial stalements due to fraud. to obtain sufficient appropria￿ audit evidence regarding the assess￿ risks of material tnisstatem¢nt due to fraud through designing and impl¢tllenting appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit. However, it is the primary responsibility of management. with the oversight of those charged with govemallce, lo ensure (hat the entity's operntions are conducied in accordance with th¢ provisions of laws nd regulation5 and for th¢ prevenlion and detecliofi of fraud. In identifying and assessing risks of material misststement in respect of irregularities, including frdud, the audit engagement team: obtained an understanding of the nature of the sector, includin8 the legal and regulaiory frameworks that the cbarstablc company operates in attd how th¢ eharitable wmpany is complying with the legal and regulatory fJ3mewoTks' inquired of management. and those ¢har8ed wÉth governance, about their own identification and a95essrnent of the risks of iTregularities, including any known a¢￿al. suspected or alleged instances of fraud., diseuss¢d matt¢r5 about nOn-￿￿p113llc¢ with laws and regulalions 4nd how fraud might occur includiug asSessu￿￿t of how and where the f￿an¢[al 5taiements may be susceptible to fraud. As a resuli of these procedures we consider the mosl significant laws and regulations that have a direct impact on the financi81 statements FRS 102. Charities SORP (FRS 102). CoJnpanies Act 2006, Charities Act 2011. the ch4Lritable company'5 govcrning do¢ument and Charities IProtectioD and Social Investment) Act 2016. We perfornied audit procedures to delect non-¢ompliances whi¢h may have a material impact on the fiDancial stAtements whi¢b included revi¢wing th¢ financial statements including the Governors, Report and remaining alert to new or unusual transactions which may not be in aceord¥n¢e with the goveming documents. The most gignificant laws and Tegulations that have an indirect ijnpact on the financial staiemeots ore The Education Ilndependent Schi)ol Standards) Regulatiuns 2014. Keeping Children Safe in Education under section 175 of the Edu¢ation Act 2002, and the UK General Data Protection Regulatiott (UK GDPR}. We Perfo[￿ed audit procedures to inquiTe of managem¢nt and those charged with governance wheth¢r th¢ charitable company is in compliance with these law and regulations and inspected Correspondence with regulatory authorities. The audi( engagement team identified the risk of nianagement override of controls as the area where the financial btstements were most suseeptible to material misstotement due to fraud. Audit procedures performed included bul were not limited to testing manual journal entries and other adjustments. evaluating th¢ business rdtionale in relation to significant. unusual transactions alld transaetiolls eDtered into outside the Dornial course ofbusiness. and cballengtng judgments and estimat¢s. Pagell ## INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ST D01v.ON1C'S PRIORY SCHOOL (STONE) A furher description of our responsibilities for the audit of the financial statements is located on the t Financial Reporting Council's website at ht://www.fc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report. ## **Use of our report** Trus report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor'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 charitable company's members as a body, for our audit work, for this report, or for the opinions we have fonned. ## Anna Spencer-Gray Anna Spencer-Gray (Senior Statutory Auditor) For and on behalf of RSM UK AUDIT LLP, Statutory Auditor Chartered Accountants Festival Way Festival Park Stoke-On-Trent ST! 588 Date: 22 March 2023 _Page_ 12 St Dominic's Priory School (Stone) STATEMENT OF FINANCIAL ACTIVITIES ￿coRPORATING INCOME AND EXPENDITURE ACCOUNT for the year ended 31 August 2022 Re5trfcted Uttrestrieted fund8 2022 funds 2022 Total R¢stri¢ied Unrt5tri¢ted 2022 fund5 2021 fund5 2021 Towl 2021 Note INCOME ENDOWMENTS ClJAritabl¢ auivits¢5.' Donations 8Jid leg￿leS School fees rec¢ivablc 650,01 t 6$0,011 1,700,289 1.700,289 12,583 2,960 331,701 ,487.431 1.484.471 Other trath.0g￿1lV1t1¢5 1,75B 1.758 2.640 172JSO InJs0 111.340 111,340 16 16 25 25 TOTAL INCOME 2JU424 2J24A24 15,543 1.917,594 1.933,137 KxPEIII)￿uRE OPI: Raising fun Charitableactivitiw.. School otmtiDg costs Othtr 4,665 4,685 4,346 4,346 770 L474SSO 2,475J20 75 75 31.795 2,302,658 7.400 2.334.453 7,400 TOTAL EXPEND￿uRE 770 2.479JIII 2,480.080 31.795 2,314.404 2.346.199 14ET(EXPENDITURElItNCOME BEFORE OTHER RECOGNISED GAIYS AND LOSSES 17701 45.114 44J44 (162521 {396.810} 1413.0621 NET MOVEMEL%TS JN FUNDS 1770) 45.114 44J44 116.2521 {396,8101 I413.(￿2) RECONaLIATION OF FUTIDS: Total funth brougbi forward 59157 4,152,745 4,212.602 76,109 4,5495S5 4.625.664 TOTAL FUNDS CARRIED FORWARD 59.1187 4.197859 4.256,946 59.857 4.152,745 4212,602 All aJivitie5 relate lo continuing operations. The notes on pages 20 to 28 forni port of these fuwtcial statell￿ttts. Page 13 ## St Dominic' s Priory School (Stone) BALANCE SHEET at 31 August 2022 |St Dominic' s Priory School (Stone)
BALANCE SHEET
at 31August 20222022|St Dominic' s Priory School (Stone)|St Dominic' s Priory School (Stone)|||| |---|---|---|---|---|---| ||Note|**Unrestricted**|**Restricted**|**2022**|2021| |||**fund**|**fund**|**Total funds**|Total funds| |||**£**|**£**|**£**|£| |FIXED ASSETS|||||| |Tangible assets|9|**4,143,591**|**46,798**|**4,190,389**|4,068,658| |CURRENT ASSETS|||||| |Stocks|10|**4,447**||**4,447**|3,372| |Debtors|11|**133,820**||**133,820**|83,758| |Cash at bank||**316,350**|**39,788**|**356,138**|327,376| |||**454,617**|**39,788**|**494,405**|414,506| |CURRENT LIABILITIES|||||| |Creditors: AmoW1ts falling due within|||||| |one year|12|**(400,349)**|**(3,208)**|**(403,557)**|(215,772)| |NET CURRENT ASSETS||**54,268**|**36,580**|**90,848**|198,734| |TOTAL ASSETS LESS CURRENT||**4,197,859**|**83,378**|**4,281,237**|4,267,392| |LIABILITES|||||| |Creditors: Amounts falling due after|||||| |more than one year|13||**(24,291)**|**(24,291)**|(54,790)| |NET ASSETS||**4,197,859**|**59,087**|**4,256,946**|4,212,602| |FUNDS|||||| |Unrestricted funds
Restricted funds|15
15|||**4,197,859**
**59,087**|4,152,745
59,857| |TOTAL FUNDS||||**4,256,946**|4,212,602| These financial statements on pages 13 to 28 were approved by the Trustees and authorised for issue on 21 M arch 2023 and are signed on its behalf by: Company Registration number: 07563439 Registered Charity number: 1141147 _Pagel4_ St Dominic's Priory School (Stone) CASH FLOW STATEMENT for the ear endcd 31 Au St 2022 Note 2022 2021 CASH FLOWS FROM OPERATING ACTtVlTIES Nei c&th (used in)Iprovided by opernting activities Interest paid 17 260,511J (5,455) {193,017) {4,3461 255,048 {197,363) CASH FLOWS FROM tNVESTtNG ACTIVITES Purchas¢ of ￿]gible r￿ed a55ets Interest received (253,802) 16 (53.020) 25 NETCASH USED IN INVESTING ACTIVITIES 1253,786 (52,995) CASH FLOWS FROM FtNANCIAL ACTLVITtES Repayments of borrowings of new botTowing$ (14,829) 27.50(J NETCASH USED IN FfNANCIAL ACTIVITIES 27.500 (14,829) CFL4NGE N CASH AND CASH EQUIVALENTS THE YEAR Cash and equival¢nls broughi forw4rd 28,762 327,376 (265,1871 592,563 CASH AND CASH EQUIVALENTS CARRIED FORWARD 356,138 327,376 Page 15 St Dominic's Priory School (Stone) ACCOUNTtNG POLICIES BASIS OF PREPARING THE FINANCIAL STATEMENTS The financial staiements of the charitable cotnpany, wliith 15 ¥ public benefit entity UDder FRS 102, h8ve been prepared in accordance with the Chariiies SORP {FRS 102) 'Accounting and Reporting by Charities.. Ststement of Recommended Practice applicable to ¢hxTiti¢s preparin¥ their a¢¢ounts in accordance with th¢ Financial Reponing Stslldard applicable ID the UK and Republic of Ireland IFRS 102) leff¢¢tiv¢ I January 2019),, Financial Reporting Standard 102 The F5nancial Reporting StandaTd applicable In the UK and Republic of Ireland, and the Companies Act 2006. The fujancial statemettis hav¢ been prwred under the historical cosi convention. ThL fin&nLial stat¢m¢niS are pr¢sent¢d in stertiog which is the fitnctional eurrency of the charitsble company E4nd r()unded to the nearL'5t £. Th¢ si￿]rIC1￿t aLcounting poliLie$ appli¢d in th¢ prepara150n of these ftnancial s￿terne￿ts are Set out below. These policies bave been consistently applied to all year¥ pre5¢ntcd unlc55 Othcrwisc $ta¢¢d. The school currently has commiitcd financial support in the forni of donations and prepaid fees to enable li tv eoniinue to operdte for the fores¢eable future. The financi&l S￿leMents do not include any adjustments thai would result from a withdTawal of this financial SUp￿}rt. GOING CONCERN The Governors have considered the business risks of the school. The main challeng¢ of the lasi two years has been rhe impaci of Covid.19 on the education of our students and thc p055ible finjncial impaci on their parenLg. We have w¢8ther¢d rhis ¢hollen8¢ and proved that despite lockdo￿5 we managed io ke¢p eduL&tin¥ our students to OUT expected high 5tsndard$. New ri5k5 thai have been considered include teacher strikes for ¢xtra pay. energy ¢osts following the ware in Ukraine. inflation and the Bener&l cost of living and the concern over the Labour Party'5 statement to take away the CharilObl¢ st8iu¥ of Ind¢p¢ndent fee payinB schools if they w¢re io be ¢lecl¢d io Governmenl. All will havc financial implications for th¢ school. The first thrce of th¢se will erystallis¢ over the nexl year and in the cash for¢¢as¢8 for the school Ipr(ije¢tions to Ma￿h 2024) th¢ Gov¢rnors havc included appropriuic changes where possibl¢. There could also be an effecl on parent incomes in this period and the governors are mindful of any impact on student numbers. To this end the governors have been conservative with 5Nden¢ numbers in the eash for¢¢asts. The governors will continue with their programme of ¢ogt rutting initiatives. The final risk, that of Labour Paty poIiLy to rcmovc charitsble sta￿S from all Independent fee payiug schools, is more lotjg Icrni 8nd does noi fall within the timescale of the%e ¢&sh forecusts. It is however a concern And th¢ 8ovemor5 ar¢ following advic¢ of The Independent Sch(xils Association and other eduLational bodi¢5. Th¢se fore¢4stS show th¢ ¢xt¢nt of r¢li4n¢¢ th¢ bchool has on third paty donations. The governors rontinue with all avellu¢5 availabl¢ to r¢¢ruit new pupits to increase r¢venues and ai the same (ime reN'iewing 811 operating costs lo reduce that reliance on third party donatiOI)s. Th¢ 8rhool ¢urrently has commilted finaneial support itl the form of donaiions to enable li 10 operate for the foreseeable fuftwe. The governors therefore believe there are adequate resources whi¢h will enable the school to meei its liabilil?es for at least on¢ year from th¢ signing of these financial statements taking into account these risks and relianc¢. For this reason. the governor5 believe that there are no material unc¢rtainti¢s on going ¢on¢¢m and have adopted the going concern basis in preparing these finan¢ial stat¢m¢nts. INCOME Donations and legacies Voluntary Incomin￿ rcsour￿6 arc aceountrd for as and when eniiilement arises, the amount can be reliably quantifJ£d and the economic benefit to ihe S¢h(x)l is considered probable. Voluntary income for the School's general purposes is accounted for as unrestricted and is credited to th¢ ¢n¢ral R¢s¢rv¢. Where the donor or an app¢al has imposed tTUSt law r¢strictions, voluntary income is ¢redited fo the relevant resrricted fund. Gifts in kind are valued at estimated open market value at the date of the gift, in cases of asseis for retention or consumption, or at the value io the School in the case of donated services or facilities. Page 16 St Dominic, s Priory School (Stone) ACCOUNTING POLICIES Schvolfe£F and similar Encome recvivable Fee5 r¢¢¢ivable and ¢harge5 for services and use of the pr¢mises. le55 ally allowan¢es, scholarships, and bursaries granted by the Srhool against those fees. are accounted for in the period in which the service is provided. Fees receivable in advance for education lo b¢ Provid￿ in future years are caTri¢d fonvard as defeTred income. Governmenr grttrtts Govemmenl gr2nts are r¢eogAis¢d ai the fair value of the asset re￿iVed or receivable when there 15 r¢asonable assurance that the grant conditions will be met, and the grants will be reeeived. A grant that specifies performance condition5 15 recognised in income when the pcrfornjgthce conditions are met. Where a grant does not specify perfornian¢e condition5 it is recognised in incom¢ when the proeeeds are received or re¢eivabl¢. A grani received before the recognition cri*ria are satisfied is recognised as a liability. EXPENDITURE Liabilities are recognised as expenditure as soon as thete is a legal or Constructive obligation committing the charity to that expenditLwe. ii is probable that a transfer of economic benefits will be required in settlement and the amount of the oblig¥4tion ¢an be measured reliably. Expenditure is aceounied for on an aecnjals basis and has been classified under headings thal aggregate all cost related to the cktcgory. Where costs cat]not be directly attributed to particular headings, they have been allocated to activities on a basis consistent with the use of resources. Erpendi¢Mre on raisingfunds Thj's includes all expendith￿e incurred by the school to raise funds for its charitable pU￿05C5. Choriiable oclii'iiies Thebe are costs iftcurred on th¢ school's educational operations to further its charitable aims for the benefit of its beneficiaries, including support costs relating to th¢ govemance of the school apportioned tr> haritsble ￿tiVitieS. TANGIBLE FIXED ASSETS Tangible fixed assets are slated at cost lor d£cmed cost) or valuation less aceumulated depreciation and accumulated inipainnent losses. Cost includes co.8ts diTectly attributable to making the asset capable of operating as illt¢nded. Depreciation is provided on all tangible fixed assrfs retained for use by the School at rat¢5 Calculated to spread each &sscV5 Cost. less its estimated residoal value. el'enly over its expected useful economic lif¢. a5 follows.. Land Buildings Non-educational Equipment Educational books. equipment and firniture A rcview for impairnient of a fixed asset is canied out tf events or c])an8e& in eircunhstances indicate that the Larrying valuE of any fthed asset may not be recoverable. Shortfalls betwecn the carying value of fixed assets. and their rccoverable amounts are recogniscd as impairni¢nts. Impaiment loss¢s ar¢ r¢co￿lsed in th¢ Stat¢ment of Financial Activities iTtcorporating income and expcnditure account. - no depreciation - 2D/o straight lin¢ 50/0- 200/0 strdight line 20D/o straight line Iterns ¢osting Iw than £l,O(A) are written off as an expense as acquired. STOCKS Stocks consist of catering supplies and stationery aod are valued at the lower of cost and realisabl¢ value. Page 17 St Dominic's Priory School (Stone) ACCOUNTING POLICIES LIABILTIES Liabiliiies are recognised wb¢n tb¢re 15 an obligation at the reporting date as a result of a past eveni, il is probable tbat a transfer of ecollomtc benefit will be required tn settlement, and th¢ amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the acadetny tThSt an¢iLipat¢s it will pay to b¢ttl¢ the debi or th¢ amouni li has r¢¥eiv¢d as advanc¢d payments for th¢ go¢xls or s¢rvi¢es it Inu5t provide. The school li&bilitie5 include a concessionary loan that was issued under favourable tern￿. FFNANCIAL tNSTRUMENTS The school has cho$¢n to adopt Sections I l of FRS 102 in full in respeel of financial instruments. Finunc'idl asseL¥ liubiliiies Financial asseLS and finanLial liabilities are recO￿lSed wben the school becomes party to the contra¢tual pmvtsiofty of the in,%trument. Fi￿ncial liabilities are ctas$ified #¢¢ording io the subslanee of ihe financial in$trum¢nt's contractual obli8atlOlls, ratber than the fknancial instrument's l¢gal forni. All finaAci41 as$et 4nd li•btlities are iniiially measured at tronsaciions price (including transaction cn8ts). unless the arrangement constitutes a financing trUns￿li0n. A financial a$5¢t or financi41 liubiliiy that is payable or r¢¢eivabl¢ in one year is measured at the undiscounted amount expected to be received tsr paid nct of iMpa1￿cnl unle$$ il is a financing transA¢tion. If an &rrydn8¢ment ¢onstitui¢$ o financing transaction. the finaneial asser or financial liability is rneasured at the present Vfllue of futur¢ payinents diseount¢d at the morkel rate of interest for a siinilar debt insirntneni. Finoneial ass¢t8 artd fin4n¢ial li4biliiie$ ar¢ offset only when there is • eurrent legally enforceable rtght lo set off the r¢Cogni￿ed amounts and the int¢ntion to either settle on a net bosi$, or to r¢011￿ the ass¢t and settle the IiF4bility simultaneously. D¢pre¢i)gni¢ion offinaneial iuset.T dnd liohililies A findnL'idl asset is deree0￿1$ed only when the contrdctual ri¥hts to cash flows expir¥ or Are settle, or ¥ubstsntially all the risk and rewards of owneThhip 4re tran.¥fe￿ed to anvther party, or if some significant ri8k5 and rewards of ownership are retained bul ¢ontrol of the asset ha4 tr￿5fery¢d lo another paty that is able to sell the ass¢t itl its entirety to all unrelatcd thtrd party, A fuTranciul liability lor part th¢r¢ofj is dereeo8nis¢d wh¢n th¢ obligaiion speeifled in the contract is di8chAr8ed. cancelled or expired. TAXATION St Dominic's Priory School (Stone) is a regis￿red charity and as SULh 18 exempt from on in¢oine ond gains falling wiihin Part I l of the Corporation T￿ Act 2010 or section 256 of the Taxation of Chargeable Gains Act 1992 to th¢ extent that these are applied lo its charitabl¢ objects. There is no similar ¢x¢mption for VAT which15 included in expenditure or in the ¢08t of assets as appropriaie. FUND AC'COUNTING General funds or¢ unrestricted fvnds which are av8ilBble for use at the discretion of the directors in rtbernnre of the general objectives of the ¢harity and whirh hav¢ not Ixen designated for other purposes. Restricted funiLs are funds which are io be used in accordance with specific restrictions imposed by donors or which have beert rAised by the Charity for particular pU￿oSe6. The cost of raising and administcrin such funds are Gharged 8gainst the specific fund. OPERATING LEASES Renta15 un¢Jer operating leases are charged lo th¢ Ststement of Financial Activities iDCOTPQTating income and expendi￿re accoullt on a strai8ht-iine basis over the lease terni. Page 18 St Dominic, s Priory School (Stone) ACCOUNTING POLICIES PENSION The School participates in the Teachers. Pension Scheme ("The TPS") which is a defmed benefits pension scheme. The geheme is a multi-employer scheme where il is not posgible, in the noTrnal course of events. to identify on a consistent and reasonable basis, the sharc of underlying assets and liabilities belonging lo individual parti¢ipatin¥ employcrs. Ther¢fore, in a¢¢ordan¢e with FRS 102, the School accounts for this schemc as if it was a defined contTibutiort schcme. ThL amount charged to the Statement of Financial Activitics incory)orating incomc and exp¢ndi¢ur¢ a¢couni repffs¢ntS Lontributions payable to th¢ scheme in respect of the accounting period. The School also otTrerat¢5 a defin¢d contributiun pcnsion bchcrn¢ and thc pension charge represents the amounts puyablc by the School to th¢ fund in respLL¢ of thc yedr. Page 19 St Dominic's Priory School (Stone) NOTES TO THE FINANCIAL STATEMENTS For the ear ended 31 Au ust 2022 DONATIOliS AND LEGACIES Restrlcted UDrestTlctid funds funds 2022 2022 Restricted Unrestricted fi)nds fund8 2021 2021 Total 2022 Total 2021 Grnnts and donations 650,011 650,011 12.583 319.118 331,701 SCHOOL FEES RECEIVABLE Restrl¢ted Unre$¢rleted funds fund5 2022 2022 Restri¢ted Unr¢5tric¢ed fijnds funds 2021 2021 TotAI 2022 Total 2021 Grogs School fees Bursaries Sibling allowan¢e$ Scholarships School sponsorship Staff di5c¢)unt Other discounts 1,917J80 1,917.780 (49.242) (49,242) 2.960 1,686,666 1.fi89,626 (84,059) 184.05Y) (29,255) (29,255) (29,51MI) (29,500) 129,514) 129,514) 139,5001 139.5001 165,274) (65,274) (24.185) 124,185) (19,635) (IY,035) {33,405) {33.4051 (15.717) {IS.7171 1.7011.289 1,700.289 2,960 1,484,471 1.487.431 tNVESTMENT INCOME Unrestrlcted funds 2022 Unrestricied funds 2021 Deposit account interest 16 25 OTHER TRADING ACTfviTIES Unresrrleted fundg 2022 Unresrricted fijnds 2021 Rents and lettings 1.7S8 2.640 Page 20 St Dominic's Priory School (Stone) NOTES TO THE F[NANcL￿ STATEMENTS for the ear ended 31 Au st 2022 SCHOOL OPEIL4TING COSTS Staff ¢ost5 Other Deprecialion Total 2022 School op¢rating ¢osts'. Teaching Costs Welfare eosts. Premi¥es ¢0sts Schooling support costs Govemance costs 1.442.993 93,898 102,118 223,444 236,572 20,000 1,536.891 102,118 444,639 350,094 41,578 89.124 113,522 21,578 132,071 1,667,217 676,032 132,071 2,47S,J21 StalT¢o81$ Other Depreciation Tot#1 2021 School operating costs.. Teaching ¢o$ls Welfare costs Prcmiseq c(xsts S¢hoolin8 SUPPOrt costs Governan¢e cosrs 1,325,610 48,725 81,617 221,fTr25 246,497 16,516 lJ74,335 111.617 466,821 371,9311 37,742 90,386 127.441 21,226 154,810 1,564,663 614,981 154,810 2J34,453 SUPPORT COSTS Governance ¢osts 2022 2021 School opcrating costs 41,578 37,742 There were no TTUStees' remuneration or other b¢n¢fits for the year ended 31 August 2022 nor for the year ended 31 Au8USt 2021. TiusteES UP¢II.feS The￿ w¢rc no TnLstees' expenses paid for the year ended 31 August 2022 I￿r for the year en(led 31 August 2021. Poge 21 St Dominic's Priory School (Stone) NOTES TO THE FFNANCIAL STATEMENTS for the ear ended 31 Au ust 2022 NET tNCOME RESOURCESI (RESOURCES EXPENDED) This is stated after ehArging: 2022 2021 Auditors. remuneration for audit services for non-audii servi¢es Depreciation of tangible fixed assets.. - owned by the charity Operniinu l¢&s¢ chuge$ Lo$s on disposal of fixed assets 20,000 3,350 16.516 2.700 132.071 82,283 154.810 95,527 7,400 STAFF COSTS StatTcosis were as follows: 21122 2021 Wagcs and sJlari¢8 SIK'ial.%¢L'urily ¢osis Other peL%iun costs lJ24,578 117,535 225,IIM 1.245,741 106,736 212,187 1,667,217 1,564.664 The average number of per80ns ¢mployed by the school durin¥ the year as follow5.. 2022 Number 2021 Number Teaching sts(f Support staff Administraiion 29 28 28 30 Total staff 2022 Number 2021 Number Thc number of highcr paid employees was- tn the band £70,001- £SO,IM)O In th¢ b￿d £80,001- £90,IMJO The total remuneration And benefits receiNed by key n￿nagemen[ peTh0[￿¢1 for the year was £311.229 (2021.. £300.621). Page 22 St Dominic's Priory School (Stone) NOTES TO THE FtNANCIAL STATEMENTS for the ear ended 31 Au SI 2022 TANGIBLE FIXED ASSETS Educational Non- books, Land and educational equipment buildings equipm¢nt and furniture Total COST At I September 2021 Additions Dispoyuls 3.980,547 200.928 370.679 39.350 226,959 13,524 13.990) 4.578,185 253,802 13,9901 AI 31 Au8us¢ 2022 4,181.475 410,029 236,493 4.827.997 DEPRECIATION At I S¢piemb¢r 2021 Chargc for the year Disposals 118,365 79.357 206,017 31.749 185,145 20.965 (3.990) 509,527 132,071 13,990) Ai 31 Augu$1 2022 197,722 237,766 202,120 637,608 NET BOOK VALUE At 31 August 2022 3,983,753 172,2(a 34J73 4,190,389 At 31 Augusi 2021 3.862.182 164,662 41,814 4,06¥.65JJ 10 STOCK 2022 2021 C4terin8 Supplies 4,447 3,372 DEBTORS 21122 2021 Trade dthor8 Othrr debtors Prryayments and ac£rued income 29AIIO 19,276 85.138 20.006 2,542 61,210 133,821J 83,758 Debts which have been written off during the year am¢)unted to £132 (2021.. £6.228). There is a bad debt provision of £65.557 {2021.. £98,059). Poge 23 St Dominic's Priory School (Stone) NOTES TO THE FtNANCIAL STATEMENTS for the ear ended 31 Au s(2022 12 CREDITORS.. Amounts falling due within one ye8r 2022 2021 Other loans Trddc creditors Othcr creditors Accrua15 DefeTr¢d incon OthLr t&xation Jnd social seewity Refundable deposits J,2118 197,6117 29.280 24,826 58,122 28.794 61.640 34,838 25.992 22.172 107,634 25.136 403.557 215,772 Defe￿ed incom¢ ¢onsists of fees paid in advance. The movement in defer￿d in¢ome in thc year is shown below.. Under l year Ovcr l ycar Tot*1 At 31 August 2021 RelL8sed in y¢ Received in ye8T 107,634 (107.634) 58.122 IU7,634 (107,634) 58,122 At 31 AuBust 2022 58,122 58,122 Included in Other Credilors are amounts lotslling £27,06112021.. £25,224) relating lo unpaid pension contributions. 13 CREDITORS.. Amounts fallin8 due after more than one year 2022 2021 Refundable deposits Other loans 54,790 24,291 24391 54.790 Page 24 St Dominic's Priory School (Stone) NOTES TO THE FINANCIAL STATEME.NTS for the ear ended 31 Au st 2022 14 LOANS 2022 2021 An analysis of the maturing of loans 15 givcn ￿low. Other loans 27,500 Creditors wFLich fall due after five yefjrs as follows.. Payable by instalments 1,833 The s¢hool a loan with the ABM Catering Solutions for £27.5(X) with a 5-year tem). This loan is int￿¢St free and repAyY4ble JD 60 monthly inslalments. 15 STATEMENT OF FUNDS Brought forward I September 2021 Cxrrled forwArd JI Au8us¢ 2022 Income Expendlture Unrestrlcted funds- General fund Restrlcted fuTrd8- Gener*1 fund 4,152,745 2,524,424 (2.479JlO) 4.197,859 59.857 (770) 59.087 Total funds 4,212,002 2,524,424 (2,480,080) 4,256,940 Brought fonv8rd I Sepi¢mber 2(120 Carried forwBrd Expenditur¢ 31 August 2021 Income Unrestricted ￿nd5- General fund Restricted fiJnds- General fund 4.549.555 1,917,594 12.314.4041 4.152,745 76,109 15,543 (31,795) 59,857 Total funds 4,625,664 1,933.137 12.346.199) 4,212.602 Unreslriciedfj4nds This fund primarily relaies lo income from school fees and donations received. Restriciedgeneralfvnd Th¢ school rdises funds for small projects, any donations received for these are ear markcd for these projects. Accordingly. these hdve becn treated in aggregate as restricted ￿nds. Page 25 St Dominic's Priory School (Stone) NOTES TO THE FINANCIAL STATEMENTS for the ear ended 31 Au st 2022 16 ANALYSIS OF NET ASSETS BETWEEN FLFNDS Unrestrleted Funds Restrlcted Funds Total 31 Augu$¢ 2022 TAngible A55ets 4,143.591 41798 4,190J89 Net Current Asset51 {Li4biiities) $4.268 36,580 90,848 Long term Li&bi]itl {24,2911 (24J91) Total fuDds 4.197.859 59,087 4,256,946 Unrestricted Funds Restrict¢d Fund5 Totsl 31 August 2021 Tangible Assets 4,049,361 19.297 4,068.658 Net CU￿rnI A5S¢ts I ILiabilities) 158,174 40,560 198,734 Long tern] Liabilities (54,7901 154,790) Total funds 4,152,745 59.857 4,212.602 l7 RECONC.ILIATION OF NET MOVEMENT fN FtrNDS TO NET CASH FLOW FROM OPERATING ACTIVITIES 2022 2021 NET ItNCOMINGI(OUTGOINGI RESOURCES Elimintttion of nonryopernting cashflows: Inve5tsnent income Financing costs Depreciation charges Loss on disposal {Increasel in stocks (In¢reasellDecTease in debtors Increase/{decrease) in creditors 44J44 1413,062) (161 5,455 132,071 (25) 4,346 154,810 7,401 (391) 12.026 41.878 (1,075) (50,062) 129.786 216,159 220,045 260,503 (193.017) Poge 26 St Dominic, s Priory School (Stone) NOTES TO TFE FtNANCIAL STATEMENTS for the ear ended 31 Au t 2022 18 ANALYSIS OF CHANGES TN NET FUNDSI(DEBTI I September 2021 31 August 2022 Cash flows Cash at bank and in hand 327,376 28,762 (27,500) 356.138 (27,5(101 327,376 1,262 328.638 19 CAP￿AL COmMTh￿￿s 2022 2021 Contszcted bul not provided for in the fuwicial statements 467.837 20 PENSION COMMITMENTS Teachers, PepLrion Scheme The School participates in the Teachers. Pension Scheme ('Yhe TPS"} for Éts teaching staff. The p¢nsiou ¢haTg¢ for the year includes contributions payablc to the TPS of £222,179 {2021: £209,077). The TPS is an unfimded mulu-employer defined benefits pension scheme governed by The Teachers, Pension Scheme Regulations 2014. Members contribute on a'pay as you Eo" basis with ¢ontributions from members and the employer being credited to the Exchequer. Retir¢m¢nl and other pension benefits are paid by public funds provided by Parliam¢nt. Th¢ school ha5 accounted for its contributions to the scheme as if it were a defined contribution scheme. Yo1£4aiion of teachers'peKsion scheme The Governtnent Acruary, using notmal acNarial principles, conducts a formal actuarial revtew of the TPS in accordance with the Public Service Pensions IV&luations and Employer Cost Cxpl Dsreetiolls 2014 published by HM Treasury every 4 y¢ars. The airn of the review is to specify the level of futur¢ contributions. A¢￿arIal scheme valuations are d¢pendent on assumptions about the value of future costs, design of benefits and many oiber factors. The latest actuarial valuatioll of the TPS was carried oui as ai 31 Marctrl 2016. The valuation repon was published by thc Dcpartment for Education ott 5 March 2019. The key elements of the VAluation and subsequent Consultation are= Toial scheme liabilities for service (pensions currently payable and the estim8t¢d cost of fuiure benefits) of £218 billion Value of notional assets (estimated filture contribuiions together with ¢be proceeds from the notional investments held xt the valuAtion date) of £196 billion Notional past s¢rYi¢e d¢hcit of £22 billion Discount iat¢ is 2.4¢/0 in excess of CPI As a result of the valuation, u¢w ¢tnploycr contrsbutiort lates werv set at 23.68010 {including a 0.08O/& administratiOD levyl of pen5i0nable pay froTll Septernber 2019 onward& (compared fo 16.480/ts durtng 2018119). The nexi valuation resuli 15 due lo be impleni¢nt¢d from l April 2024. Pagé 27 St Dominic's Priory School (Stone) NOTES TO THE FtNANCIAL STATEMENTS for the ear ended 31 Au st 2022 Other Pension Schemes The School also contributes to u defm¢d Lontribution ￿.herne admiuistered by StandaTd Life for the benefit of eligible Support staff employees, The peDsion cost ch￿Sed in the accounts ib th¢ 8nwunl payable by th¢ Slhool dwiog th¢ yeaT which amounted 10 £2.925 {2021.. £3,110). 21 OPERATING LEASE COMMITMENTS AI 31 Au8USt 2022, the total of th¢ Charity's future minimum lease paymenls under non- cancellable op¢r8ting leases w2$.. 2022 Other 2021 Other LAnd And bulldlngs TotAI L4nd and buildin¥s Total Amounis payable: Withtn l year Bchveen I 5 years After 5 years 65,225 80,000 17.058 82.283 27.401 107,401 65,225 30,302 95.527 80,000 40,OQO 44,820 124.820 40.540 80.540 20.1￿0 108 20,108 Total 165,225 44.567 209,792 185,225 115.662 300.887 22 RELATED PARTY TRANSACTIONS Four of Ihc Governors 12021: 2) have children at the SLhool who h)v¢ received s¢holarships, diycounts and bursarie5 totalling £18,07712021'. £15,918) in the year. All tr8llsactions took place i)n a norn]al commerciE41 basis. 23 CONTROLLtNG PARTY The school, havin8 no Share capitsl, 15 under the control of the Board of Trustees, who are also th¢ Directors of the school. Poge 28