Charity Registration No. 1159037 Company Registration No. 09234192 (England and Wales) ST JOSEPH FOUNDATION UK Report and Accounts For the year ended 31 August 2024
ST JOSEPH FOUNDATION UK Report and accounts Contents Pagè Information Trustses, report and director r8POrt statément of directors, responslbi11118s Indepéndent auditors report Statement of financial activitses Balance sheet 10 Statement of ca8h flow8 Slalement of changes in equity Notes lo th8 financlal statement 12 13-20
ST JOSEPH FOUNDATION UK Company Information Tru8tae8 L Pompa N Franc6S¢O E Yost Company numbar 09234192 Chorlty numbar 11 $9037 Prlnelpal addrn•8 29 Bramley Road London N14 4HE Ro918tèred offlce 29 8ramley Road London N14 4HE Audltorn CK Partnership Ltd 1 Old Court Mews 311 Chase Road London N14 8JS
ST JOSEPH FOUNDATION UK Tru8tees' report (including Directors, report) For the year ended 31 August 2024 The trustees present their report and financial stat6m8nts for the year ended 31 August 2023. The accounts havé been prepared in accordance with the accounting policies set out in not6 1 to th8 accounts and comply with the Charities Act 2011, the Companies Act 2006 and "Accounting and Reporting by Charities.. Statement of Rècommended Practice applicable to charities preparing their aGcounls in accordan¢e with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" las amended for 8¢¢ounling periods commencing from 1 January 2016} Oblectlves and actlvltles The charity's obleetives are the 8dvancement of education, in p8rticular, but not 6xclusively, by the provision of English languag6 teaching lo students from schools in Italy. The Charity seeks to advance Roman Catholic religlon in association with 8ducational activity. To achieve these objectivej the charity has organised a r8sid8nlial school that provides an educational ènvironment that can help develop the skills and capabilities of the 8ludenls through our cultural and educational activitl8$. In our school we hav8 established an environmént where each student can experiencè full integration wllh the language enabling them to pra¢liGe and gain knowledge of thè English traditions within a sllmulaling and secure space. The foundalion further8 its charllable purposes for the public benefit through providing these faalilies. We ar8 an equal opportunlty organlzatlon and are commltted to 8 working environment that Is free from any form of discrimination. Our school is committed lo safeguarding and promoting the welfare of our pupils and 8xp8cts all staff and voluntèers lo shar& this commitment. The Iru8tees have pald due regard to guld8ncè issued by th8 Charity Commlsslon In dèclding what 8¢tivities the charity Bhould undertake. During th8 p88t year, we hav8 made significant connections with nèw Italian schools In variou8 reglons, Including Lombardla, Sicily Icatanlal, Tronlino (Roveretol, Vèneto IPadova}, and Piemonle (Turin). Outside ltsly, we have conllnued to str8ngthen our relallonships in Romania, Spain, Portugal, Kor8a, and Vietnam. Looking forw8rd, th8 Director wlll be exploring new markèts in Thailand and Taiwan. We have al80 been focused on enhancing th8 quality of our Gèneral English coursès by gdopting 8 new full immersion approach that emphasizes speaking skllls in daily life and day-lo-day a¢tivities Sn London. Thi5 approach 1$ designed to provide students with practical language skills that they can use Immedlalely In real-world sltuatlons. One of our flagship programs, "Real Life London Experlence," which was18unched last year, has seen growing demand. This program is designed for students with at least a B1 level in English and includes morning lessons followed by volunteer work with local charitiès in the afternoons. This combination of classroom learning and practical experience helps students to apply their language skills in meaningful ways. Additionally, we are developing a new IELTS program tallored for 16 to 18 year-old sludents. Our focus on maintaining high academic quality, combined with our supportive "family" environment, helps our students to socialize and build confidence during their time with us.
ST JOSEPH FOUNDATION UK Trustoas. report (including Directors, report) For the yaar ended 31 August 2024 Trusteo8' report (Including Directors, reportl (contlnued) All resources available have been ubllzed to achieve the charity's objeclives, It is important to note that the charity does not gen&rally engage in fundraising activities, and no professional or commercial fundraisers are involved. The trustees are satlsfied that thè charity's fundralslng actimtses confomi to recogni28d stsndards, Flnanclal rovlow During the year th6 charity has receivéd lot81 income of £422,928 12023.. £377,924) wlth total resources expended of £422,123 12023. £380,367) ra8ulb'ng in a surplus of £2,090 12023.. surplus £1,471) for the y6ar ended 31 August 2024. R••orv•• pollcy 11 is th6 policy of thè charity that unr88lricled funds 8hould be maintained at a level 8quIv8lent to behveen three and six month's 8xpenditure. The trustees con8id8rs that reserve8 at thls level will ensure that, in the event of a significant drop In funding, they wlll bg able to continue the charity'8 currènt activities while consideration is given to ways in which additional funds may be raised, This level of serveS has been maintained throughout the year, The tru8t885 have a888ssod the major rl8ks to which the charity is exposed, 8nd are salisfled that system$ are in place to mitigate exposur& lo the major risks. Future developments This year for the charity 8g8in has been 8 posIIIv6 ye8r In the right dlrection for th6 growth and stablllty for the fvture y88rs. Senior management are continually promoting and growing the charity throughout Italy and further afleld. Wè also need lo develop and flnd host famllies for n8xt summer b8eau8e we are starting to have this klnd of request, and try to promote our programs in néw countries, we also need more rooms for the summ6r season or try to mov6 Some booklngs in other periods. structure, governance and managemont The charity 18 8 company limited by guarantee and governed by it5 Memorandum and ArtScl88 of Associ8tion datèd 24 September 2014.11 is registered as a charity with the Charity Commission. The Iru$lee8, who are 8190 the directors for the purpose of company law, and who served durlng the year and up lo the dale of signature of the financial statements were.. L Pompa N Francesco E Yost Exlsling trustees are responsible for thè recruilmènl of new trustees. In recruiting new trustees, the exists'ng trustees musl act in the b&st Interests of the charity. New Iruste&s are recruited by word of mouth and by advertising for the post. Appointments are confirmed by a majority of the votss of the existing Trustees.
ST JOSEPH FOUNDATION UK Trust8es' report (Including Directors, report) For the year ended 31 August 2024 Truste88' report Ilncluding Directors, report) Icontinuedl The Charity currently operates with the continued 5UPPOrt of The Cooperativa Sociale Islituto San Giuseppe I"Th8 Instituto'l. a charity registered in Italy. Thi8 has led lo The 18tilulo being heavily involved in nominating Iruslees. The above trustees were nominated at the date of Incorporalion, of which t0, L Pompa and E Yost, do not hold any offirk with The Instituto. None of the trustees have any beneficial interest in thè company. All of the trustees are members of the company and guarantee to contributè £1 in the event of a winding up. The trustees ar8 responsible for the overall management and Control of the charity with the daily work 8nd implemènlalion of policies being carried out by sènior managèment, Leonardo Salerno. Progress 16 reported back to the trustses at least monthly and wh8n needed, dlr8cI to the Chaimian. N Francesco. Th8 charity 6nt8red th@ Règister of Charllies on the 31 sl October 2014. The trust888 meet al least 3 Ilme8 8 y8ar and in an annual m88ting lo collecliv8ly make d8cisions for the charSty. The trust888' report was approved by the Board of Trustees on L Pornpa Trustee , 2025. N Franeo•co Trustse Datèd. 3o.1.ci 2f E Yo•1 Trust88 Da18d.. 3 1.lgi z Dal8d. ..lo J.C12<
ST JOSEPH FOUNDATION UK statement of Dlrectors, Responsibilltles The directors are responsible for prepanng the report and accounts in accordance wlth applicable law and regulalions. Company law requir08 the directors to prepare accounts for each financial year. Under that law the directors have elected to prepare the a¢counls in accordance with Unit8d Kingdom Generally Accepted Accounting Practscè (United Kingdom Accounting Standards and applicable lawl. Under ¢ompany18W the directors must not approve the accounts unless Ihgy are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of thé ¢ompany for that period. In preparing the88 accounts, the diredors are required to.. s&18cI sultable accountlng policies and then apply them consistently., make ludgemenls and esllmates that are reasonable and prudent., prepar8 the accounts on the going concern b8s19 unle88 It 18 inappropriate to presume that Ihe company will continue in buslness. The directors are responsible for keèping adequate accounting records Ihal 8r8 sufflclenl to show and explain the company's transactions and disclose with reasonable accuracy al any time the financial position of the company and enable them to ensurè that the accounts comply with the Companiés Act 2006. Th8y are also re8pon8ib18 for safeguarding thè assets of the company and hence for taklng re880nable steps for the preventlon and detection of fraud and other Irr8guladlle8 So far as èach director18 aware, Ih8r8 is no relevant audit Information1SnformatSon needed by the company's auditors In connectlon wlth preparing thelr report) of which the compan18 auditors are unaware. Each director has t8ken all thè steps that he ought lo have tak8n as a dlreclor In order lo make himself aware of any relevant auidit information and lo establish thal the company's audltors are aware of that Information.
ST JOSEPH FOUNDATION UK Independent auditor's report to the members of ST JOSEPH FOUNDATION UK Oplnlon We have audlted the accounts of ST JOSEPH FOUNDATION UK for the year ended 31 August 2024 whlch comprlse the Income Bnd Expenditure, the Balance Sheet, the Cash Flow slalemenl and notes lo the accounts, Includlng a summary of significant accounting policiès. The financial reporting framework that has been applied in their preparation is applicab law and Unlled Kbngdom Accounlln9 Standards, IncludirvJ FRS 102 'Tho Flnancial Reporting Standard applicable in the UK and the Republlc of Ireland, Iunlled Kingdom Generally Aepted Accounllng Pracllcel. In our oplnlon the accounl8'. glve a true 8nLI falr view of the 8lale of the charltable companys affair5 a8 0131 August 2024 and of Ils Income and expendllure for the year gnded,, have been properly prepared In accordance th Unlled Klngdom Generally Accepted Accounting Practice,. have been prepared In accordance with the requ1m¢nI5 ol the Companles Act 2006. BJ•l• of oplnlon We conducl¢d our audll In accordance th Inlernallonal Standards on Audlllng IUKI IISA8 IUKII and appllcable law. Our re6ponslbllllles under Ih08e 8landarrJs are further descrlbed In the Audllor's re8pon$lbllllles for the audll of the accounts 8ecllon of our report. We arg Indendent of the ¢ompany In accordance th the elhlcal requlremenl8 that are relevant lo our audll of the account8 In the UK, In¢ludlng thè FRC'S Elhicgl SlandBrd, 9nd the prov181on8 avallable for Small enlllle8, In th8 clrcumslances sel out bolow, and w8 have fulfllled our other elhlcal re8ponslbllllles In accordance wh th888 requlrem&n18. We belleve Ihol the oudll evldence have oblalned18 8ufflc18nl and approprlale lo provlde a ba618 for our oplnlon. In accordance wllh the exempllon provlded by FRC'S Elhlcll Sland8rd - Provl8lon8 AvaSlable for Aud118 of Small Enlltles, we have prep8red and $ubmllled the company'8 return8 to the lax aulhorllle8 and o$$l$lèd wllh th& pffjp8r811on of tho account8. Conclu•lon• r•l*tlng to golng concern In audlllng th8 8Gcounls, we have conclLxled th81 the Iru8leeB' Use of the golng concern ba818 of accounllng In th& preparallon of the ac¢oun1818 approprl81è. 8a8ed on the work we have perform8d, we have not Idenllfled any m8lerlal uncertalnlSè8 relallng lo events or ¢ondlllon8 Imal, Indlvldually or collecllvely, may cg81 Jlgnlflcanl doubl on the charllable eornpany's ablllty lo conllnue a8 a golng concern for a perlod ol al lea81 twelve months from when the 8ccoun18 are 8ulhorlsed lor155ue. Our re8pon81bllllleB and the respon81blllll88 of thè Iru8teeB wllh respect lo golng concern are d08crlbed In the relevant secllons of Ihls rèport. Oth•r Inlormatlon The olh8r Informallon comprlses the InformalSon Included In the report and accoun18, other than th? ocaoun15 8nd ouf audllor's report Ihereon. The Iru$lee8 are responslble lor the other Informallon, Our opbnlon on Ihg account8 doe8 not over the other Informallon and, except lo the exlenl OtheSe expllcllly $181ed Sn our report, we do not express any form of oBBurance conclu81on Ihereon. In connectlon wllh our audll of the aceounls, our ro8pon81blllty 18 to read the other Inlormallon and, In dolng $9, ¢onslder whether the other Inform8llon 18 malerlally Incon51slenl wllh the accounts or our knowledge oblalned In the 8udll or olheM$è appears lo be mal8rially misslaled. 11 we Idenllfy such malerlil nconslsten¢le$ or apparent mater181 ml8818temenls, we are requlred lo delermlne whether there 18 o mal¢rl81 m1881alement In tho accounts or a malerlal mlsslalemenl of the other Inform811on. 11, ba8ed on the work we have performed, we Gonclude that Ihere Is a malerl41 m1881alemenl of Ihls olhor Inform81Ion, we are requlrod lo report Ihal f8cI, We have nolhlng lo report In Ihls regard. Oplnlons on othgr mattgrn pro8crlbgd by tho Compan1•$ Act 2006 In our oplnion, based on the work unLlertaken In the course of the audll.. the Informallon glven In the Iru81ee8' report for the flnanclal ye8r for whl¢h the accounts are prepared Is con¥l¥lent th the aceounl$', and the Iruslees, report h88 been prepared In accordance wllh applicable legal requlremenls.
ST JOSEPH FOUNDATION UK Independent audltorfs report to the member& of ST JOSEPH FOUNDATION UK Matters oll whlch we arg rgqulred to report by excaptlon In the 11ght of the knowledge and underslandlng of the charitable Company and 118 envlronmenl obtalned in the course of the audit, we have not Identified material m1881atemenl$ in the Irustee8' report. We have nolhlng lo report in respect of the follng matters In relallon lo whlch thè Componles Act 2006 requlres u8 to report lo you If. In our opinion.. adequate accounting re¢ord8 have not been kept. or returns adequate for our audit have not en recelved fiom branches not v1511ed by us,, or the account8 are not in agreement th the accounting records and rètums,. or c&rtain di8c108ure8 of trustees, remuneration 8pecllSed by law aro not made,, or we have not rocelved all the Inlormallon ond ¢xplanallon5 we requlre lor our audll. Rpon•ts11lt1 of tru•ts•• AS 6xplÈlned more ful in the Iruslee8' re8pon8lblllll88 slalemenl, the Iruslee8 are r88ponslblè for the preparalSon of Ihe 8e¢ounls and lor bebng sallsfl8d that they glve a truè and falr vlew, 8nd for Such Internal control as tho Iru81088 dglermlne Is nece6$0ry lo enable the preporallon of accoun18 that are Ireg from malerlal mI881alemenl, whether due lo fraud or error. In preparlng th8 accounts, the Iru81ee8 are re8ponslble for asse881ng the ¢ompany's ablllty lo conllnue a8 8 golng con¢em, dlscIo8lng, 88 appllcable, matters related lo golng concern 8nd using the golng concern ba$1$ of accounllng unle88 the Iru81ees ellher Intend lo Ilquldale Iho company or lo cease operallons, or have no reallsllc allernallve bul lo do 80. Audltor'• ro•ponJlbllltleo for tttè audlt of the accounts Our obl&¢lSve8 are lo obtaln rea80nable assurance 8boul whether the accoun18 a8 a ole are free from malerlal m13318lemenl, vknelher due lo fraud or error, and lo 188ue an audllor's report that Inelude5 our oplnlon, Rea8on8bl¢ a$sur8nce is a hlgh lovel of assurance, but 18 not a guarantee that an audll conducted In accordanc8 wlh ISA8 IUKI 11 alway8 dèlecl a m8lerl81 mlsslalemenl then 118xls18. MlsslAlemen18 can ar18e from Iraud or error and are conBldered malerl81 If, Indlvldually or In the aggregate, they could reasonably be expected lo Influence the economlc decl8lon8 of users taken on the ba818 of Ihe8e 8ccounl8. Irregularlll88. InGludSng fraud, are Instances of non-compllance th laws and regulallons. We de8lgn procedures In Ilne ¥Mlh our r83pon81bllSlles, oullln8d above. lo d8lecl m818rlal ml651alemen18 In respeGI of Irregularllle6, Includlng fraud. The exlenl lo whlch our procedure8 are Capable ol delecllng Irregularllles, Includlng fr8ud18 delalled below. B88ed on our underslandlng of th8 charllable company and the environmenl In whlch 11 operate8, Idenllfled that the princlpAI r18ks of non-coM[lanG8j th laws and regulallon8 related lo the regulatory requlremenls ol the Charlty Commlslon and the st8lulory 8afeguardlng, and we con¥ldered the extent lo whlch non-compllance mlghl have a malerlal effect on the flnanclal 818lemenl. We also con81dered those la and regulallons that have a dlrecl Impact on the prep8rallon of the accounts such as Ihg Ch8rllle8 Act 2011, Charllles SORP 120191, CornpanleB Act2006 and payroll laxe8. Enqulrf88 of management regardlng corre8ponden¢e th regul8lor$ and lax aulhorllle$', D18CU881on8 wllh management Includlng con8Sderallon of known or $u8P8cled In81an¢e8 of non-compllan¢e wllh law8 and regulallon ond fraud., ReVIeng the controls and pro¢edure8 of the charity, particularfy in relalSon lo the recordlng ol Income and woce6$1ng of paymen18 and p&yroll, to en&ure Ihe8e were in place Ihrou9hout the yo9r,' Evaluating management's controls designed lo prevent and delecl irregularllles., Reviewlng and testing journal enlrles made In thè year, partlcularly those made 88 Part of the year-end flnanclal reportlng process,. and Ch8118nglng as5umpllons and Judgemen18 made ty management In Ihelr accounting e8tlmal88 whlch compr189 depreciation. accruals and doferred income. A further des¢rfplion of our re8ponsibllities lor the audit of the accounts is located on the Financlol Reportlng Councll'8 website al ww.frc.org.uklaudllorsresponslbllltlgs. Th18 descriptlon fomis part of our auditor's report. The Iruslees have elected for the financial slalements lo be audlled In accordance th the Charitie8 Act 201 I rather than the Companle8 Act 2008.
ST JOSEPH FOUNDATION UK Indepèndent audltor's report to the membef5 of ST JOSEPH FOUNDATION UK Usa ofour report This report 18 made solely lo the charltable ¢omp8ny's membeis, as a body, In accordance with Chapter 3 of Part 16 of the Companies Act 2006 and lo the charflable companW8 Iru8lees, as a body, in accordance with Section 144 the Charities Act 2011 and in accordance with regulations made under section 154 01 the Act, Our audit work has been undertaken so Ih8t e might slate lo the company's members Ih08e matters we are requireij lo slate lo them in an audSlor'3 report and for no other purpose. To the fullest exlenl permitted by law, we do not 8ccepl or assume rèsponsibility lo anyone other than the pany and the Gompanws members as a body, for our audit work, for this report, or for the opinlc¥)8 we have formed. Ravl Koppa (Senlor Stalulory Audllorl for and on behalf of CK P8rtner8hlp Accountan18 and Slalutory Audllors 1 Old Court Mew8 311 Ch989 Road London N148JS
ST JOSEPH FOUNDATION UK Statement of financial activities Includlng Income and expenditure account for the year ended 31 August 2024 Unrestrlctod funds Total 2024 Total 2023 Nots8 Income from: School fee income Investments Total Incomo 422,928 422,928 377,924 10 377,934 422,936 Expendltur8 on: Raising funds Chafltable activities Interest payable Total re80urc88 expended 330 421,592 201 422,123 330 421,592 201 422,123 1,307 377,266 1,794 380,367 Other operating incom6 1,277 1,277 3,904 Not Incoma for thè yaarl Net movement In fund8 2,090 1,471 Fund balances at 1 Septemb8r 2023 12,843 12,843 11,372 Fund balancos at 31 August 2024 14,933 14,933 12,843 The statement of financial actlvities include8 all gains and1088es recognised In the year. All income and expenditure deriva from continuing activities, The statement of financlal activities also complies wlth the requirements for an incom8 and expenditure account under the Companies Acl 2008.
ST JOSEPH FOUNDATION UK Balance Sheet as at 31 August 2024 Notes 2024 2023 Flxgd a880ts Tangible assets 12 3,603,712 3,584,881 Current a88et8 Debtors Cash al bank and in hand 13 28,994 10,539 39,533 55,094 1,438 Cradltor8: amounts falllng due wlthln ona yèar 14 (27,201) 120,5701 Ngt curront a880ts 12,332 35,962 Totsl a8•ets1088 currnnt Ilabllltl•8 3,816,044 3,620,843 Crèdltor•: amount8 falllng du• after moro than ono year 15 126.1111 {33,0001 Not a••et8 3 589 933 3 587 843 Income lund8 Revaluation reserve Unrestricted funds 16 3,575,000 14,933 3,575.000 12,843 3.589 933 3 587,843 The flnancial 8lal&ments were approved by the Trustees on . . 2025 L Pomp8 Tru8t•e N Franc8SCO Tru8teg E Yo•t Trustee 70 Ic/ir......, 2025 10
ST JOSEPH FOUNDATION UK Statement of Cash flow for the year 8nded 31 August 2024 2024 2023 Nots8 Ca8h flow8 from Operang actlvltle8 Cash generated fromllabsorbed by) operations 17 32,265 11,3521 Invo8tlng actlvltle8 Purchase of tangible fixed as88t8 Interest received 123,1721 10 Net cash generated froml{u88d Inl Inve$tlng actlvltle8 (23,184) 10 Flnanclng actlvltlo8 Rèpayment of b8nk108ns Net ca8h u•ed In flnan¢lng actlvlt108 Net Increa•e In ca8h and c8•h equlvalènt• 9,101 (1,3421 Ca8h and cash equivalents at beginning of year 1,438 2,780 Cash and ca8h equlvalent• ot end of yoar 11
ST JOSEPH FOUNDATION UK Statement of Changes in Equity for the year endod 31 August 2024 Share Sharo cApltal promlum Proflt valuatlon and1088 reservo account Total At 18eptsmbar 2022 11.372 11,372 ProfSt for the flnancial year 1,471 1,471 Galn on revaluallon of land and buildings Other comprehensive income for the financial year Total compr8h8nsiv8 incom8 for the financlal y88r 3,575,000 3,575,000 3,575,000 3,575,000 3,575,000 1.471 3,576,471 At 31 Augu8t 2023 3 575 000 12 843 3 587 843 At 1 Soptember 2023 3.575,000 12,843 3,587,843 Profit for the financi81 ya8r 2,090 2,090 At 31 August 2024 3,575 000 14 933 3 589 933 12
ST JOSEPH FOUNDATION UK Notes to the Flnancial Statements for the year onded 31 August 2024 Accountlng pollelos Charlty Infom7atlon Sl Joseph Foundation UK Is 8 prlvat8 company limited by guarantee incorporated in England and Wales, The registered office is 29 Bramley Road, London, N14 4HE. 1.1 Accountlng eonventlon The accounts havé been prepared In accordancè with the Charities Act 2011, the Companies Act 2006 and "Accounting and Reporting by Chari118s.' Stat8m8nt of R8commended Practic8 applicable to charitses pr8paring their 8cwunt5 in accordance with the Financial Reporting Standard applicable in the UK and R6public of Ireland {FRS 1021 las amended for accounting periods commencing from 1 January 20161 Th6 chgrity is 8 Public Benefit Entity as defined by FRS 102. The financSal slatèmenls are prepared in 8tsrling, which is the functional currenry of the charity. Mon8lary amounts in these flnancial statements are rounded to thè nearèst £. The flnancial stalem6nls have been prepared under the historic81 cost convènllon. The prlnclp81 accounting policies adopted are set out below. 1.2 Golng concern At tha tlme of opprovlng the financial st8t8ments, the trustses havè a reasonable 8xpectaOn that the charity h85 adequate resources lo continu8 in operational existence lor the for8S8eab18 futur8. Thus the truste88 conllnue to adopt the going concèrn basls of accounting Sn preparing th8 financial statements. 1.3 Charltable ftinds Unr8slrlct8d funds 8r@ available for use at the dSscretion of the Iruslees in furth8ranco of thelr charitsble objecllves unless the funds have b88n designated for other purpos88. 1.4 Incomlng ré$ource8 Income is recogni9gd at the fair value of services provided and is derived from 18ngu8ge course fees arlsing in the United Kingdom.Turnov8r1s Slated net of dlsocun18, Other $8le6 taxes and net of 1.0 Rèsources expénded Resource8 expgnded are included in the Statement of Financial Activitles on an a¢crual basls. 1.8 Tanglble flxod assets Tangiblè fixed a8861s 8re initially measured at cost and subsequently measured at cost or valuation, nel of depreciation and any impairment losses. Depreciation is recognised so ag to write off th8 Cost or valuation of assets less their resldual values over their useful Ilves on the followlng b88e8.' Leasehold improvements Flxtures, fittings and equipment 5% slraight line 100/0 8traight Ilne Thé gain or loss arising on the dlsposal of an asset is detèrmined as the differen betsveen th& $818 proceeds and the carrying value of the asset, and is r6cogniwJ in net incomellexpendilure} for the year. Freehold land and buildings are not depreciated. They are valu6d annually by a qualified independent expert. Any gain or loss is reflected through the revaluation reserve. 13
ST JOSEPH FOUNDATION UK Notes to th& Financial Statements for the year ended 31 August 2024 Accountlng pollcles Icontlnued) 1.7 Impalmient of flxed assets At 6aeh reporting end dale, the charity reviews the carrying amounts of its tangible assets to dètermine whether there is any indication that thos6 assets have Suffered an impairment loss. If any such indication èxists, thè rècoverable amount of the asset is estimat8d in order lo d8t8miine the extent of the impairment loss lif any). Intangible assets with indefinite u8eful lives and intangible assets not yet available for use are tested for impairment annually, and whenever there is an indication that th8 asset may be impaired. 1.8 Cash and cash oqulvalents Cash and cash equivalents include cash in hand, deposits h81d at call with b8nk8, Other short-term Ilquid investments with origlnal malurllies of three months or 1888, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.9 Flnanclal Instruments The charity has 818cted to apply the proviBion8 of S8Ction 11 'Ba81¢ Financial In8trumenls' and Section 12 '0ther Financial In8trum8nts188U8$' of FRS 102 to all of ils financial instruments. Financial instruments are recognl8ed In the ¢harltls balancè 8heet when the charSty becomes paty to the contractual provisions of the instrumènt. FSnaneial assets and Ilabllllles 8re offset, with the nel amounts present6d in thè financial slatemenls, when ther8 is a legally enforceablè right to set off the recognised amounts and there is an intention to settle on a net bgsis or to realis8 th6 asset and settle th8 liability simultaneously. 8a41¢ Ilnan¢lal assets Basic financial ass6ts, which include debtors and cash and bank b8lances, are initially measured at transaction price including transaction costs and are subsequently carried 818mortised cost using th8 effectivè interest m8lhod unless the arrangèm8nl constitutes a financing transaction, whère the transaction is rne8sured at thé present value of th8 future receipts discounted at a market rate of interest. Flnancigl assets classified 88 receivable within one year ar8 not 8mortised. Dereeognltlon of flnan¢lal assets FSnan¢ial asset8 are dorecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the charity transfers the financial asset and subslantlally all the risk8 and rewards of ownership lo snother entity, or if some significant risks and rewards of ownership arè retained but control of the assat h8$ transferred to another party that Is able to sell the asset in its entirety lo an unrelated third party. Baslc flnanclal Ilabllltles Basic financlal liabilib'es, includlng creditors and bank loans are initially recognised at transaction prlce unless the arrangement constitutes a financing transaction, whère the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financi81 liabilitses classified as payable within one year are not amortised. 14
ST JOSEPH FOUNDATION UK Notes to the Financial Statements for the year endod 31 August 2024 1.9 Flnanclal Instruments (contlnued) Baslc financ181 Ilabllltlgs (contlnued) Debt in8lNments are subsequently carried at amortlsèd cosl, using the effective interest rate m8thod. Trade creditor8 are obligations to pay for goods or Services that have been acquiréd in the ordinary course of operations from suppliers. Amounts payable are classifi'ed as current ligbilities if payment Is due within one y8ar or18ss. If not, they gre presented as non-curr&nt liabilities. Trade créditors ar recognised initially at transaction price and subsequently measured at amortised ¢ost using the effective Interesl method. Dor•cognltlon of flnanclal Ilabllltl•s Flnan¢lal liabilities ar8 d8recognlsed when the charity's conlraclual obligation8 8xplr8 ar arè dlscharged or cancelled 1.10 Employee b•noflts The cost of any unu8ed holiday entitl8mant 18 reicognised in the period in which the 8mployee'8 8erviceg are rec6iv8d. T8rmin8tion benèfSts arè recognised imm8di8t61y as an expense when the charity is d8mon8trably committed to terminaté thé employment of an employee or to provide termination benefits. Crltlcal accountlng Mtlmatu andJudgem8nt• In th8 application of th8 charills accounllng polic188. the trustees are required to make ludgemenl8, 8Stimate8 and assumption8 about the carrying amount of a88ets and liabilities that are not readSly apparent from other sources. The e81imal&s and associated assumptions are based on historical experience and other factors that ar8 considered to be r818v8nt. Aclu81 r&sults may differ from th888 eslimales. The estimates and underlying 888umption$ are r8vi8w8d on an ongoSng ba818. Rgvisions to accounting eslimales are recognis6d in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revislon affects both current and future periods. School f•è Incom• 2024 2023 Language cour60 Income 422,928 377,924 422.928 377,924 Oporatlng results 2024 2023 Depreciation of owned fixed assets Auditors, remuneration 4.341 4,500 2.023 4,500 Auditors, renumeration relates to audit fees only and does not include any non-audil work. 15
ST JOSEPH FOUNDATION UK Notes to the Flnancial Statements for tho year ended 31 August 2024 Unr08trlctad fund8 2024 Inv•stment8 Total 2023 10 10 Ralslng fund• 2024 2023 Fundralslng and publicity Adverb'slng 330 1,307 330 Charltable actlvltlg8 2024 2023 ProvSslon of language cours88 Sludenl travel costs and other 8xpendlture School c818rlng 87,277 48,520 38,182 173.979 77,523 59,879 34,914 172,116 Share of 8UPPOrt co$ls1880 notè 71 Share of govern8nce ¢ots18 IBee note 71 236,563 11,050 247,813 195,317 205,150 Total chafltable 8¢llvllles 421,592 377,288 Analy818 by fund Unr88lricted fund8 421592 377 266 16
ST JOSEPH FOUNDATION UK Notes to the Financial Statements for the year ended 31 August 2024 Support CO8t8 Support co•t8 Governance C08ts 2024 2023 Staff ¢081s Depreciation Insurance Repair8 and malnlenance S¢hool Irlp8 Pr8mi$e$ Gos18 and other gxpendltur8 L&gal and profe8s1onal Accountancy 121,485 4,341 24,376 10,290 11,325 121,485 4,341 24,376 10,290 11,325 96,131 2,023 12,964 7,065 14,600 64,746 84,746 4,050 7,000 247613 62,534 4,833 5,000 205.150 4,050 7,000 236 583 An81ysed tsee8n Ch8rllable aGlivllie8 236 583 11,050 247613 205 150 Th8 a110¢81ion of support and governance costs have b8en allocated lo the Charlty'8 8018 charflable activity. b6ing the provi8ion of language ¢ourses Tru•tee• None of the Iru8tè8s Ioi any por80n8 connected wllh them) rocelved any remun8ratlon durlng the year, 10 Audlt Inforniatlon The audlt rèport is unqualSfl8d. Senloi 81alutory audStor'. Firm.. Date of audit report., Ravi Koppa CK Partnershlp 11 Employ••• Numbgr ol employa•8 The average monthly numbor of employees during the year was.. 2024 Number 2023 Number Administratlon and support Employment costs 2024 2023 Wages and salari8s Employerfs Nl Pensions 114.248 4,731 2,506 121485 93,263 1,153 1,715 There were no employees whose annual remuneration was £60,000 or more. 17
ST JOSEPH FOUNDATION UK Notes to tho Flnancial Statements for the year ended 31 August 2024 12 Tanglble flxed a888ts Leasehold Improveme nt• Flxturfr8, flttlng8 & equlpmenl Freehold land & bulldlng8 Total C08t At 1 September 2023 AddStlons At 31 Augu812024 15,876 15,478 23,172 38,650 3,575,000 3,806,154 23.172 3,629,326 3,575 000 Doproclatlon and Impalrmont At 1 September 2023 Charge for the year At 31 August 2024 12,308 8,985 3,557 21.273 4.341 13092 Not book value At 31 August 2024 26 128 3 575 000 3,603 712 At 31 Augu312023 3,368 6,513 3 575 000 3 584 881 Freehold land and buSldlngs are not depreciated. They are valued 8nnually by a qualified Independent expert. Any gain or108s is reflected through Ihg rgvaluallon reserve.The freehold land and buildings waB valu8d a8 at 31 Augu812023 on an opon markfrl basis by James Portugal_ Chartered Surveyor. 13 Doblorn 2024 2023 Trade debtors Accrued Income 28,994 47,794 7,300 28,994 All debtors are baslc flnan¢i81 instruments measured at amortised cost, with the 8xceptson of prepayments. 18
ST JOSEPH FOUNDATION UK Notes to the Financial Statements for the year ended 31 August 2024 14 Credltor8: amounts falllng duo wllhln oné year 2024 2023 Bank loans and overdrafts Taxation and social securSty cos1$ Accruals P8nsion liablllly Wages control account Other creditors 4.SOO 2,617 5,000 1,378 11,116 2,590 27,201 4,500 1,457 5,000 1,354 5,689 2,590 20,570 All creditors are basic financial instruments measured at amortised cost, with the exception of othèr taxation and social Security, deferred Sncome and advanc8 fees. 16 Crndltor•.' amounts falllng duè after one y•ar 2024 2023 Bank108n8 33 000 Th8 loan Is Snter8$t free and unsecured. 16 Rovaluatlon r•••rve 2024 2023 Al 1 September 2023 Galn on revaluation of land and bulldSng8 3,575,000 3,575,000 At 31 August 2024 3 575 000 3 575 000 17 Related paty trAn•a¢tlon• There were no di8closablo related party transactlons during the year {2023 management remun8r8tion durlng the year w85 £49,61512023- £30,000) . nonè) Total Key 19
ST JOSEPH FOUNDATION UK Notes to the Financial Statements for the year ènd8d 31 August 2024 18 Cash goneratsd from oporatlon8 2024 2023 Surplus for the year 2,090 1,471 Adluslmen16 for.. Invesbnenl Income r8cognls8d In slat8menl of fSn8nclal aclivitl8S Loss on dlsposal of langlblè fixed a58818 Depreciation and Impalrment of langlble fixed assols 181 110} 4,341 2,024 Movem8nl8 In worklng capltal.. Decreas8lllncreasel in debtors IDecre88ellincrea$e in ¢redllor8 26,100 12581 11,0941 13,7431 C88h g8nerat•d froml{ab8orb&d by) operatlon8 32,285 20