2023-08-31-accounts

Holy Cross Preparatory School Kingston Annual Report and Accounts

Period from 24 August 2022 to 31 August 2023

Charity Registration Number 1200167

Contents

Reports

Reports
Reference and administrative information	1
Trustees’ report	3
Independent auditor’s report	25
Accounts
Statement of financial activities	30
Balance sheet	31
Statement of cash flows	32
Principal accounting policies	33
Notes to the accounts	37

Holy Cross Preparatory School Kingston

Reference and administrative information

Trustees	Beverley Brown
	Christopher Daley
	Sister Margaret Donovan (Chair)
	Sister Ursula Eberhardt
	Io Epstein
	Sarah Hair
	Russell Hanna
	Mary Kathleen Hayes
	Kieron Lynch
	Joanna Ord
	Andrew Steet
	(Trustees were appointed on 24 August 2022)
	Stephen Lehec
	(Appointed 27 March 2024)
Headteacher	Sarah Hair
Bursar	Russell Hanna
Administrative Address	Holy Cross Preparatory School
	George Road
	Kingston Upon Thames
	Surrey
	KT2 7NU
Charity Registration Number	1200167
Auditor	Buzzacott LLP
	130 Wood Street
	London
	EC2V 6DL
Bankers	HSBC UK Bank plc
	73 High Street,
	Watford
	Hertfordshire
	WD17 2DS

Holy Cross Preparatory School Kingston 1

Reference and administrative information

Solicitors Harrison Clark Rickerbys Limited Ellenborough House Wellington Street Cheltenham Gloucestershire GL50 1YD

Holy Cross Preparatory School Kingston 2

Trustees’ report Period ended 31 August 2023

The trustees present their statutory report together with the accounts of Holy Cross Preparatory School Kingston (the charity) for the period from 24 August 2022 (the date on which the charity was first registered with the Charity Commission) to 31 August 2023.

The accounts have been prepared in accordance with the accounting policies set out on pages 33 to 36 of this report and comply with the charity’s constitution, applicable laws and Accounting and Reporting by Charities: a Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102).

INTRODUCTION

The charity was registered as a Charitable Incorporated Organisation (CIO) on 24 August 2022 and is registered under the Charities Act 2011. Our Charity Registration Number is 1200167.

With effect from midnight 31 January 2023 the Sisters of the Holy Cross CIO (Charity Registration Number 1195162) transferred assets and liabilities relating to Sisters of the Holy Cross Preparatory School to Holy Cross Preparatory School Kingston. From 1 February 2023 the school operated as Holy Cross Preparatory School Kingston, continuing the work of the Sisters of the Holy Cross Preparatory School.

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INTRODUCTION (continued)

History

Previously part of the charity of the Sisters of the Holy Cross Charitable Trust, Holy Cross Preparatory School became a separate charity on 1 February 2023. The new CIO has two members: the Sisters of the Holy Cross (Charity Registration Number 1195162) and a representative of the school trustees. The former members of the school Advisory Body have all become trustees of the new charity. The school was registered as a CIO on 24 August 2022 but this entity remained dormant until becoming operational on 1 February 2023.

OBJECTS

The objects of the charity are:

• (1) to advance education in accordance with the principles and doctrines of the Roman Catholic religion in particular, but without limitation, by running a school known as Holy Cross Preparatory School in accordance with the principles and subject to the regulations and discipline of the Roman Catholic church but welcoming to all faiths and backgrounds;

• (2) to advance education by providing and assisting in the provision of facilities for education provided that such provision shall be ancillary or incidental to the running of the school; and

• (3) such other charitable purposes consistent with the advancement of Roman Catholic religious education as the charity trustees see fit from time to time.

OUR MISSION AND ETHOS: a caring school serving our local Catholic parish, community and society

We aim through our pre-school nursery, pre-prep and prep-school, to provide an excellent well rounded education to girls from the ages of 3 to 11 years. Our Mission is to seek to provide a Catholic education in which the worship of God, gospel values, a knowledge and respect for other faiths, and a sensitivity for others are central to school life.

In the spirit of St Francis, the school is a caring community which strives to enable each person to realise their full potential spiritually, academically, personally and physically.

To achieve this the school welcomes all faiths and works in partnership with parents, teachers and children to develop the God-given gifts of each person.

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OUR AIMS

• To enable each person to grow to Christian maturity, through our worship of Christ and fostering our journey in life.

• In the pursuit of excellence in our relationships and teaching, we aim to give each child the opportunity for self-growth spiritually, personally, academically, and physically.

• To develop each child’s confidence, maturity and life-long enjoyment and love of learning.

• To recognise the individuality of each child and encourage the development of their own character and potential through an awareness and respect for themselves and for others.

• To develop the self-worth and self-discipline of each child and to establish a caring school community.

• To prepare children for examinations and entry to senior schools within a broad and balanced curriculum relevant to the needs of our children in an ever-changing world.

• To develop a strong sense of responsibility, co-operation and tolerance based on an awareness of needs of others and an understanding of charitable works.

• To create and foster a partnership between parents and school and the wider community.

• To educate pupils how to be agents of change; to live a more sustainable way of life and protect the planet.

THE HOLY CROSS WAY

Pupils aspire to conduct themselves in the Holy Cross Way.

As a Holy Cross girl, I will use my God given gifts to follow his path by:

• Serving and helping others as Jesus did.

• Embracing all school life has to offer with curiosity and gratitude.

• Considering others before myself with love and patience.

• Persevering to do my personal best at all times.

• Showing kindness and respect to each other and the world.

• Being a caring, loyal and forgiving friend in every way.

• Bringing peace and resolution in times of conflict.

• Being courteous and greeting everyone with a smile.

• Participating wholeheartedly in school activities.

• Being sincere, honest and speaking the kind truth.

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THE HOLY CROSS WAY (continued)

I am a Holy Cross girl wherever I am and in everything I do.

Our school and Catholic values are faith, love, family, compassion, service, truth, justice, forgiveness and hope.

We champion diversity and equal opportunities, promoting the nine principles of Catholic social teaching: human dignity (everyone is special); the common good (thinking of everyone); participation (taking part); subsidiarity (everyone should have a say), stewardship (caring for God’s gifts); solidarity (showing we care); options for the poor (putting people in most need first); distributive justice (sharing fairly); and promoting peace (being peacemakers).

OUR OBJECTIVES

Our objectives are set to reflect our educational aims and ethos of the school. It is important to us that we maintain and enhance the academic and holistic success of the school.

The objectives are however set in the context of the broader goals we set for the school and its pupils. In setting our objectives and planning activities our trustees have given careful consideration to the Charity Commission’s public benefit guidance.

Our key objectives for the reporting period included:

• Eco-Friendly and Sustainable School: To provide an eco-friendly, sustainable school whose carbon footprint is reduced, and which has a less negative impact on our planet.

• Climate Change Education : To educate pupils about the challenges of climate change to meet it with determination, and not despair, not just truth but hope, to be agents of change and to live a more-sustainable way of life.

• Global Citizenship: To educate pupils as global citizens with a positive view of the world, society and diversity, helping them to understand the complex issues the world faces by developing the school curriculum.

• Future-Ready Skills: To ensure pupils are equipped with key skills for the future: creativity; problem-solving and communication (including in the digital world) by developing the school curriculum.

• Catholic Education: To educate pupils in a Catholic school which follows the new National Catholic Schools Framework.

• High Academic Standards : To maintain high academic standards to prepare pupils for highly selective senior schools.

• Maintaining Pupil Numbers: To maintain high pupil numbers in a period of economic uncertainty to maintain both a strong income stream and our high-quality educational provision.

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REVIEW OF ACTIVITIES AND ACHIEVEMENTS

Access

Our school welcomes pupils from all backgrounds. To admit a prospective pupil, we need to be satisfied that our school will be able to educate and develop a child to the best of their potential and in line with the general standards achieved by their peers at Holy Cross. Our admissions policy states that priority is given to siblings, Catholics and Christians. Thereafter, an individual’s economic status, ethnicity, race, religion form no part of our assessment process.

We are an equal opportunity organisation and are committed to a working environment that is free from any form of discrimination on the grounds of the protected characteristics. We will make any reasonable adjustments to meet the needs of staff or pupils who are or become disabled. Our school is committed to safeguarding and promoting the welfare of our pupils and expects all staff, parents and volunteers to share this commitment.

Academic

Pupil performance data for year 1 to year 6, shows the vast majority of pupils academic achievement met national expectations with a large percentage of pupils exceeding age expectations.

In July 2023, all pupils in year 6 achieved national expectations in reading, writing and maths with the exception of one pupil in maths ~~.~~ The majority of pupils achieved well above national expectations.

Scholarships

51% of year 6 girls were awarded scholarships by their chosen senior schools and several pupils received more than one. In total, Holy Cross girls were offered 30 scholarships in 2023.These included 20 academic scholarships; 5 for sport; 2 all-rounder art and drama; 1 music; 1 art; 1 drama scholarship and 1 drama exhibition.

Educational activities

Our rich, dynamic curriculum is highly motivating and engaging, encouraging our young pupils to be curious and develop a love of learning. This results in success across the curriculum. We aim to ignite the spark and shape the life of our young learners fostering their independent learning skills, so they become excellent at listening, noticing, questioning, collaborating and revising. Learning delivered is fun, engaging and planned with plenty of challenge and consolidation. Pupil well-being is front and centre in the formation of our young people as we develop their academic, spiritual, emotional and social intelligence.

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REVIEW OF ACTIVITIES AND ACHIEVEMENTS (continued)

Educational activities

During the year, pupils have taken part in a broad range of high-quality learning activities in the core subjects English, maths, science, religious education and personal, social and health education, as well as the foundation subjects art, French, computing, PE and music. This academic year, there has been a particular focus on the Creative Arts, making up for the lost experiences during the Covid period. Learning initiatives and events during the school year included the following highlights with pupils: learning how ballerinas utilise discipline, perseverance, teamwork, confidence and creativity with Laura McCulloch from the Royal Ballet School; developing their knowledge and understanding of instruments around the world with the multi-cultural group Earth Song; improving

photographic skills by participating in a competition to illustrate the symmetry in nature; and using their art skills to enter a competition to design the BFFC DreamWorks animation card for the film version of Puss in Boots. Pupils also broadened their exposure to music by joining the Royal Philharmonic orchestra for a workshop and performance at The Royal Festival Hall.

Educational visits

All years have taken part in first-hand educational visits including to: Bockett’s Farm to study British wildlife, their habitats and adaptations for survival; London Zoo to learn about the rainforest habitat and the animals who live there (yr4); Bletchley Park to deepen understanding of World War II, computer coding, D day and the Enigma machine (yr6); and Butser Ancient Farm (yr1) for an opportunity to study the Romans through hands on immersive practical activities.

The benefits of our residential trips go beyond supporting the classroom curriculum by enabling peers to interact in a different setting, enhancing their social skills and learning the value of teamwork. Our residentials took pupils to learn about: the Vikings and Anglo-Saxon life at Ufton Court, Reading; coastal landforms including erosion and deposition on the Jurassic Coast, Dorset; as well as providing language and French life immersion in a

structured, fun and fulfilling way at the Maison Claire Fontaine, Burgundy. An optional trip to PGL Liddington offered physical challenge and the opportunity to build resilience.

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REVIEW OF ACTIVITIES AND ACHIEVEMENTS (continued)

Educational visits (continued)

Of particular note this year was the school’s celebration of the Coronation of King Charles III. Everyone dressed up in red, white and blue to take part in a street party on the school drive. The girls produced a fabulous Right Royal Art Exhibition with coronation themed work across the year; and each pupil received a Holy Cross Prep teddy bear, a special edition designed for the day, before the girls photographed him at their royal celebrations. Later in the year even the King met the Holy Cross bear when he visited New Malden. We focused on promoting British values recognising the importance of democracy, the rule of law and individual liberty. Respect for different faiths and beliefs supports our mission for peace and justice in the world.

Faith life of the school

With Christian values at our core, developing the loving hearts and minds of the next generation is most important. The spiritual life of the the school is thriving for those of all faiths and those of none as we promote our Catholic values of faith, love, family, compassion, service, truth, justice, forgiveness and hope in today’s global world. Together with our vision and mission statements, our values help form our collective identity. Our pupil faith leaders plan and implement new initiatives in line with the school's mission and ethos. They support and develop collective worship throughout the school and act as ambassadors for the faith formation and liturgical life of the school community.

During the academic year, the faith life of the school followed the liturgical calendar, celebrating in prayer and liturgy as well as other faith based activities. To mark the beginning of Lent, pupils wrote Lenten promises about how they can make changes in their lives to be more like Jesus and walk with Him on his pilgrimage.

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REVIEW OF ACTIVITIES AND ACHIEVEMENTS (continued)

Faith life of the school (continued)

These were displayed on footprints across the school. Pupils also acted the Easter story in our Lenten walk in the grounds. Pupil led Masses and services celebrated Holy Days, feast days and solemnities, often joined by our parish priest Fr Michael Sileshi. Sister Ursula lead a highly popular weekly ‘Time 4 God’ group for parents, which is well attended and open to all faiths and those of none.

As part of our continued commitment to support those in need, during the season of Lent when we serve others, the pupils chose to support the local Barnfield Stable - Riding for the Disabled, and this continued for the rest of the year. In light of the recent earthquakes in Turkey and Syria, we also supported the British Red Cross Emergency Appeal as well as the Kingston Foodbank and the Macmillan Coffee morning appeal. The study of the world faiths of our brothers and sisters developed pupil’s understanding of Judaism and Islam in the multi faith world in which we live.

Parent Quote June 2023

‘Nurturing environment. A very clear set of values that are well role-modelled by all the staff. Very professional teachers with high-impact communication. Opportunity for the girls to develop a broad range of skills and knowledge. Organisation, structure, discipline.’

Music

Music is a very important part of the curriculum, enabling pupils to appreciate, read and make music. Our music teacher led curriculum lessons, while the visiting specialists taught 147 pupils singing and a wide variety of instruments including piano, trumpet, trombone, violin, cello, guitar, flute, oboe, clarinet, and drums. Excellent ABRSM (Royal Schools of Music exam board) results were achieved by pupils, from prep and initial tests up to Grade 6, with 86% achieving merits and distinctions. One of our year 4 girls achieved her grade 8 piano.

During the year our music ensembles including the school orchestra, three choirs, djembe drums, hand chimes and year 6 band enjoyed making music together and performing in assemblies. In the spring, an Evening of Music demonstrated the musical talent of our junior pupils where various soloists performed alongside the school ensembles including the year 3 Class Brass and the year 4 Ukulele Project in the curriculum has been a great success.

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Trustees’ report Period ended 31 August 2023

REVIEW OF ACTIVITIES AND ACHIEVEMENTS (continued)

Music (continued)

Drama

In partnership with the Music Department, every pupil took part in one of many plays during the school year, developing their performance skills and the self-confidence to act and sing before an audience. In years 2 and 3, pupils took LAMDA exams, along with year 4 – 6 pupils who prepared in LAMDA club. All 100% passed (87% with distinction, 13% merit).

The year 6 summer play was an outstanding production of Dragon’s Quest for a two-night run in the school’s curtain theatre. Year 2 studied Shakespeare’s Midsummer Night’s Dream, captivating the whole school with their performance.

Art

Art at Holy Cross Prep is taught by a specialist teacher in a dedicated space. In the reception year, art is integral to the EYFS curriculum, so it is part of the girls’ daily learning experience in their classrooms. The subject naturally forms strong cross-curricular links with digital drawing in computing lessons, as well as topic-based projects on the Romans and the Egyptians, which are explored during pupils’ history lessons.

Girls are introduced to a wide range of materials and techniques including oil and chalk pastels, pen and pencil, collage, painting, printing, textiles and mixed media. Pupils also experience 3D materials with junk modelling, clay and mod-roc. Topics are very broad with direct links to artists, as well as arts and crafts from around the world, providing a critical context for making.

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REVIEW OF ACTIVITIES AND ACHIEVEMENTS (continued)

Art (continued)

The curriculum is extended by inviting artists, illustrators and print makers to talk to our pupils, as well as specialist trips. The year’s artwork culminated in a Right Royal Exhibition which show cased The Changing of Guard, a Queen who lost her head and a Royal Tea Party.

Sport

With a policy of sport for all with excellence, our girls have thrown themselves into a range of different activities throughout the year. Core sports included hockey, netball, cricket, athletics, dance, gymnastics and cross-country for junior girls and fundamental ball skills, dance and gymnastics for the pre-prep.

The sports teams’ results reflect the hard work and enthusiasm of the pupils.

The U11A netball team won the IAPS regional plate competition and finished in 9[th] place in the highly competitive Surrey tournament. A combined U10/11 team won the Borough tournament and represented Kingston at the London Youth Games finishing 9[th] . The U10A team finished 1[st] at Hawthorns tournament, 2[nd] at Downsend and the U10B team came first at Downsend.

In hockey the U11A team finished in 3[rd] place at the IAPS regional tournament and won the London In2 hockey competition. The U10A team came 2[nd] in their London In2 hockey tournament which was a mixed gender event as well as finishing 2[nd] at Danes Hill.

Both the U10 and U11 cross country teams won the borough event and a Holy Cross girl finished 1[st] in her age group in a field of more than 100 runners.

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REVIEW OF ACTIVITIES AND ACHIEVEMENTS (continued)

Sport (continued)

In cricket the U10A team won the Epsom College tournament, the U11A team finished 5[th] in the IAPS regional competition and a combined U10/11 team won the Borough tournament and represented Kingston in the London Youth Games where the girls finished in 3[rd] place.

This year saw the whole school come together for the first Interhouse dance competition with all girls performing a different dance style. In a very close competition St Dominic’s won the event. The year ended with a fabulous sports day for all the girls to enjoy.

Parent Quote June 2023

‘Nurturing environment, fantastic pastoral care, a growth mindset platform for girls. An all-round school where girls can explore and learn about a wide range of interests.’

Clubs

Each term, the pupils enjoy a wide variety of extra-curricular clubs, offering activity clubs before and after school as well as during the day. Clubs are offered both to specific age groups and mixed. The club programme is changed with the seasons as the year progresses.

The extra-curricular clubs in which the girls participated included: Music – string group, orchestra, choir, musical explorers; Sport - Sports For All Clubs, netball, hockey, tennis, athletics, cricket, playball, Quicksticks, football, golf, swimming; Other – forest skills, ballet, chess, quiz club, LAMDA, French grammar, hip hop, yoga, drama, Spanish, touch-typing, craftastic, cookery, book club and art journalling.

The school provided a highly popular wrap-around care provision to support the needs of working parents (Breakfast Club from 7:30am, Tea Club to 6:00pm and Homework Club to 6:00pm).

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BURSARY AWARDS

The trustees view our bursary awards as an important way to help children from families who would not otherwise be able to afford the fees or access the education we offer. The Bursary Committee assessed all applications to establish whether a family’s financial situation was appropriate for an award and the level of support required to allow the child to attend or remain at the school. The decision to make an award was driven by the extent of the applicant’s need not by the academic ability of the child. The bursary committee is composed entirely of trustees (see page 19) and every case was assessed on its own individual merits.

The bursary awards are up to 100% of fees plus additional costs. Information about fee assistance through bursaries is made available to all those applying to the school. Bursaries are also advertised on the school website. Temporary hardship bursaries are available where parents who have been paying full fees find themselves in challenging financial circumstances.

SCHOOL PARTNERSHIPS

Our school partnership seeks to widen access to our education resources, by bringing independent and state school communities together in a mutually beneficial way. Since September 2016, the school has had an official partnership with Coombe Junior School. Throughout this reporting period, our specialist drama teacher led a highly successful outreach project with their year 5 pupils. Teaching for one afternoon each week, she shared her expertise to develop pupils’ drama skills and confidence, culminating in wonderful performances for parents.

The school has a strong, long-term partnership with the Holy Cross School in Chalala, Lusaka, Zambia. In recent years the girls have collected pre-loved books to donate to the Zambian school and help establish a library. This year, our school worked in partnership with our parents’ association, The Friends of Holy Cross (FOHC), to raise funds to construct a library building. Together we also funded a computer system to organise the library providing Zambian pupils with further access to literature and information. A portion of the fund-raising was set up by a parent to supply the library space with technology and PayPal kindly matched some of the funds raised by pupils.

CHARITY

Community service and access to facilities

To fulfil the aim of developing a strong sense of responsibility, co-operation and tolerance based on an awareness of needs of others and an understanding of charitable works, the school encourages its pupils to serve and give to others. The school’s house captains have some responsibility for managing the charities the pupils support during the year. It is our Holy Cross Way to serve others.

In Lent, the pupils selected a new charity for the liturgical year to support Barnfield RDA (a local riding stable for the disabled). To raise funds for this worthy cause, the pupils held a charity walk around the local area which raised £4,292.64 and a sustainable year 6 upcycle fashion show which raised a further £1,385.52. Earlier in the academic year, the school supported Macmillan cancer Coffee morning and the Kingston Foodbank at harvest time.

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CHARITY (continued)

Community service and access to facilities (continued)

The school takes its responsibility for public benefit seriously and one of our aims is to understand the need for charitable works. The school facilities are also shared with the local community: hired by local school (Tiffin) netball group weekly; by local netball group (Sisters n Sport) weekly; the school grounds, hall and classrooms are hired during the Easter, May and summer holidays by Ultimate Camp; and the local senior school holds a retreat day on the site.

Environmental Initiatives: Reducing our carbon footprint (continued)

As a school, we are working hard to reduce our carbon footprint and protect the planet. Both staff and pupils have introduced initiatives, believing we can help to influence the expectations and behaviour of all as future citizens.

The school’s eco-councillors serve by encouraging and developing a culture of environmental conservation.

During the year, they focused on encouraging the whole school to realise that the decisions they make on a daily basis, impact the local and global community. This included reducing food waste, powering down to save energy, whole school composting and rethinking the way we use paper towels. The school pledged to become more sustainable, implementing initiatives such as the

replacement of light bulbs with LED lamps, conserving power, purchasing educational resources made from recycled materials, and powering down devices outside school hours. Project Grow Eco involved every girl germinating, planting out and growing their class’s chosen vegetables.

Staff are actively promoting more sustainable initiatives from procurement of recycled products e.g. glue sticks to using pupil exercise books year on year to ensure every page is utilised to record work.

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CHARITY (continued)

Environmental Initiatives: Reducing our carbon footprint (continued)

In August, the school was accredited with the Eco Schools Green Flag award, acknowledging, rewarding and celebrating the ecological achievements of the school community.

We see Holy Cross Preparatory School as part of the wider community. We use the halls and school grounds for the benefit of the local community and provide work and teaching placements for former pupils from both the state and independent sectors.

OUR ALUMNI

We were pleased to continue links with former pupils and their families (the Holy Cross Alumni). Earlier in the academic year, 120 old girls and their families returned for a garden picnic to reminisce about a childhood at Holy Cross. Once a Holy Cross girl, always a Holy Cross girl. As it says in the school hymn, ‘Where ties of tender friendship, all youthful hearts entwine’.

FUTURE PLANS

The trustees are committed to maintaining our school’s competitive position in the market by investing in high-quality education for our pupils. Our strategies focus on achieving academic excellence while nurturing a caring, Catholic ethos.

Here are our key future plans:

1. Curriculum Enhancement:

To continuously review our curriculum to ensure it aligns with our pupils’ development needs. Our goal is to provide a solid foundation for their future education and eventual contributions to the workforce. To incorporate climate change education into our curriculum, emphasizing hope and determination. Our teaching approach integrates the United Nations’ 17 Sustainable Development Goals and emphasizes biodiversity.

2. Global Citizenship:

We aim to educate our pupils as global citizens, fostering positive views of the world, society, and diversity . Our curriculum will continue to address complex, age-appropriate global issues including immigration, refugees, race, class, and religion, helping pupils to understand the challenges our world faces.

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FUTURE PLANS (continued)

3. Financial Sustainability:

Our future plans rely on fee income and sustaining prudent levels of reserves. We will seek to maintain a balance between the interests of current pupils while investing in infrastructure for future generations. Investment decisions will take into account both shortterm needs and long-term sustainability.

4. Infrastructure and Sustainability:

We will prioritise maintaining and improving school facilities. Building efficiency and sustainable development are key considerations. Exploring ways AI can support staff workload and enhance children’s education is important.

5. Reducing Pollution:

We plan to expand the school bus service to reduce car traffic and pollution because environmental responsibility is central to our mission.

6. Bursary Awards:

Widening access to education at Holy Cross will continue to be a priority. Our bursary committee will also continue to promote awareness of the available financial assistance.

OUR FINANCES

The financial statements show the net income from school activities for the period. The trustees are continuing their strategy of investing all net income in the educational purposes and fabric of school.

Financial results

A summary of the period’s results can be found on page 30 of the attached accounts.

The financial results for the period 2023/23 show a surplus of £1,240,467. Income of £3,982,508 included an amount of £695,847 representing the transfer of assets and liabilities from the Sisters of the Holy Cross CIO. A further £260,000 was donated to the school by the Sisters of the Holy Cross CIO for which the trustees are very grateful.

Capital expenditure incurred in the period amounted to £83,282.

The balance sheet shows total funds of £1,240,467 of which £94,732 is represented by tangible fixed assets. Free reserves are shown on the balance sheet as general funds and amounted to £1,145,735 at 31 August 2023. Cash balances at the end of the year were £1,649,769.

The school was registered as a new charity on 24 August 2022. This new charity was dormant for the following 5 months while the school continued operating within the Sisters of the Holy Cross Charitable Trust until midnight on 31 January 2023.

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OUR FINANCES (continued)

Financial results (continued)

With effect from midnight on 31 January 2023, the activities, assets and liabilities of Holy Cross Preparatory School Kingston were transferred from the Sisters of the Holy Cross CIO to the new entity established on 24[th] August 2024 (see note 19). This transfer is non-recurring income which mainly consisted of school fees paid in January 2023.

The transfer of assets and liabilities plus the donations by the Sisters of the Holy Cross Charitable Trust equate to £955,847. Without this non-recurring income, the school’s surplus in respect of educational activities for the period would have been £284,620.

The trustees are satisfied with the financial performance of the charity and satisfied that its financial position at the year-end will enable future strategic plans to be achieved.

Reserves policy

The school’s reserves policy is set by the trustees and is reviewed by them annually. The policy is designed to support the school’s aims and its educational mission.

The reserves have been built up over many years to ensure the school’s continuing financial stability and resilience. Reserves can be used at the trustees’ discretion, to smooth cash flows in the event of unexpected financial challenges. Consequently, the trustees set an annual budget to ensure a prudent level of reserves for the year ahead.

In the trustees’ opinion, the current prudent level of reserves is the equivalent of three months of total expenditure incurred in the previous financial year. For financial year 2022-23 that amounts to £1.2million. The trustees review the reserves policy annually and if circumstances change, this review may result in a change to the level of reserves deemed prudent.

As a registered charity, the school is a not for profit institution. In the event of reserves rising beyond the level deemed prudent by the trustees, they may be used for the long-term benefit of the school. Maintaining and developing the buildings, grounds, sports facilities and IT system are all considered appropriate areas in which to deploy any excess reserves. The trustees may choose to designate reserves in excess of requirements for specific future projects.

The reserves will be invested in secure and liquid instruments such as bank deposits and British Government bonds. The trustees will monitor the reserves investment portfolio at all times and will adjust it when appropriate to ensure that it remains consistent with their security and liquidity objectives.

The following have responsibilities for the reserves policy:

1. The trustees set the reserves policy and ensure that resources are managed responsibly in the best interests of the school.

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OUR FINANCES (continued)

Reserves policy (continued)

1. The Finance Committee oversees the management of reserves policy. It monitors the current and future financial situation and associated risks and makes recommendations to the trustees for changes and enhancements to the policy as required.

2. The school bursar and headteacher implement this policy and are responsible for managing reserve levels.

Reserve Policy Summary

Reserve Policy Summary
	Current Year £000	Previous Year £000	Reason for Change
Unrestricted Funds Restricted Funds Projects Total Funds % of Reserves toAnnualOperating Cost	1,146 0 0	N/A N/A N/A	New entity New entity New Entity
	1,146
	24.3%

The trustees review the reserve levels termly at the Finance Committee. The review includes the nature of the income and expenditure, the need to match income with commitments and the nature of reserves.

At 31 August 2023 Holy Cross Preparatory School held no restricted reserves, a designated fixed asset fund of £94,732 and unrestricted general (free) reserves of £1,145,735. Free reserves represent 24.3% of the annual expenditure for 2022-2023 and are consistent with the school’s reserves policy.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Trustees and committees

The trustees bring a wide variety of professional skills including education, accountancy, banking, law, medicine, business, buildings management and Catholic faith to the school. Most of the trustees are former parents or former teachers at the school. Trustees attend the school regularly and complete regular training relevant for good governance of the school.

The charity trustees are responsible for the overall management and control of the school and meet at least three times a year. The work of implementing most of their policies is carried out by the members of: the Finance Committee; the Bursary Committee; the Buildings, Health & Safety Committee; and the Education Committee which meet also termly prior to general meetings.

Holy Cross Preparatory School Kingston 19

Trustees’ report Period ended 31 August 2023

STRUCTURE, GOVERNANCE AND MANAGEMENT (continued)

Trustees and committees (continued)

All trustees give of their time freely and no remuneration or expenses were paid in the year. No trustees or person connected with a trustee received any benefit from means tested bursaries awarded to our pupils.

The committees are all chaired by a trustee appointed at the first trustees’ meeting each calendar year. The school bursar is responsible for co-ordinating the work of the trustees and their committees, preparation of papers and management accounts and the review of matters arising.

Trustee name	Appointed on	Committee membership and roles
Mrs Beverley Brown	24 August 2022	Bursary Committee
		Education Committee
		Early Years trustee
Mr Christopher Daley	24 August 2022	Buildings, Health & Safety Committee
Sister Margaret Donovan	24 August 2022	Buildings, Health & Safety Committee
(Chair)		Education Committee
		Finance Committee
Sister Ursula Eberhardt	24 August 2022	Education Committee
Dr Io Epstein	24 August 2022	Education Committee
		Safeguarding trustee
Mrs Mary Kathleen Hayes	24 August 2022	Education Committee
		Buildings Health & Safety Committee
Mr Kieron Lynch (Vice Chair)	24 August 2022	Finance Committee
Ms Joanna Ord	24 August 2022	Buildings, Health & Safety Committee
Mr Andrew Steet	24 August 2022	Bursary Committee
		Finance Committee
Ex-officio trustee name
Mrs Sarah Hair	24 August 2022	Buildings, Health & Safety Committee
(Headteacher)		Bursary Committee
		Education Committee
		Finance Committee
Mr Russell Hanna (Bursar)	24 August 2022	Buildings, Health & Safety Committee
		Bursary Committee
		Finance Committee

There must be at least five charity trustees. If the number falls below this minimum, the remaining trustee or trustees may act only to call a meeting of the charity trustees or appoint a new charity trustee.

The maximum number of charity trustees is 12 which for the avoidance of doubt shall include those persons appointed in accordance with the constitution sub-clauses 13 (2) and (3). The charity trustees may not appoint any charity trustee if as a result the number of charity trustees would exceed the maximum.

Holy Cross Preparatory School Kingston 20

Trustees’ report Period ended 31 August 2023

STRUCTURE, GOVERNANCE AND MANAGEMENT (continued)

Trustees and committees (continued)

Each charity trustee other than the ex officio charity trustees shall be appointed for a term of 3 years.

The first ex-officio charity trustees are:

• Sarah Hair (for so long as she remains Headteacher of the School); and

• Russell Hanna (for so long as he remains Bursar of the School).

The first nominated charity trustees are:

• Sister Margaret Mary Donovan; and

• Sister Ursula Theresia Eberhardt.

Recruitment and training of trustees

The trustees are responsible for the appointment of trustees. They seek to recruit and recommend additional trustees with appropriate skills and expertise to ensure that the Board of Trustees has sufficient depth and breadth of composition to enable the competent discharge of its responsibilities.

On appointment new trustees are inducted into the working of the school and of the school as a registered charity. New trustees receive an induction pack which includes information about the school and school policies. New trustees are appointed to the Board to hold office for a period of three years. At the end of a three-year term, retiring trustees are eligible for reelection for a maximum of three terms in total. Trustees can serve beyond three terms with the break of 1 year and the approval of the Board of Trustees. Throughout their term in office, individual trustees can attend training courses and conferences organised by appropriate bodies such as IAPS and AGBIS (the Association of Governing Bodies of Independent Schools).

Organisational Structure

The trustees have responsibility for the overall management and organisation of the School, setting and monitoring the overall strategic direction of the school; approving decisions reserved to trustees (principally approval of expenditure beyond agreed limits); and appointing key members of staff (headteacher and bursar).

The trustees are responsible for the policies, activities and assets of the charity. They meet regularly to review developments with regards to the charity and its activities and make any important decisions. When necessary, the trustees seek advice and support from the charity’s professional advisers, including property consultants, investment managers, solicitors and accountants.

Holy Cross Preparatory School Kingston 21

Trustees’ report Period ended 31 August 2023

STRUCTURE, GOVERNANCE AND MANAGEMENT (continued)

Organisational Structure (continued)

The day-to-day running of the school is delegated to the headteacher; the bursar takes particular responsibility for the non-academic aspects. The headteacher is responsible for establishing the Senior Leadership Team (SLT). The SLT oversees the teaching and pastoral care of the pupils in the school.

Key management personnel

The trustees consider that they together with the headteacher and bursar comprise the key management of the charity in charge of directing, controlling, running and operating the charity on a day-to-day basis.

RISK MANAGEMENT

The trustees termly consider the principal areas of the school’s operations and consider the major risks faced in each of these areas. Utilising a Risk Management matrix, the school identifies new risks and monitors control over existing risks throughout the year. The key risks currently identified by the school are:

• Safeguarding: the safety and well-being of our girls will always be the school’s top priority. The school’s safeguarding policies and protocols are designed to create a protective safety net around our pupils and they are rigorously enforced. New staff are thoroughly vetted following safer recruitment practices and every member of staff receives regular safeguarding training. The girls are taught to identify and report concerns and to look out for each other. Every girl knows the name of a trusted safeguarding officer they can talk to and every member of staff is trained to exercise constant vigilance and in reporting procedures.

• Cyber security is an ever present issue for all schools. Data breaches and loss or breakdown of the school’s IT network are among the many serious threats posed by a cyber-attack. These risks are actively managed and mitigated by the school’s IT department which has a robust ITIL (information, technology, infrastructure library) system in place. Firewalls are constantly enhanced, the latest malware solutions are deployed as they become available and all important data is backed up digitally. All staff are trained in the need for caution when using the school network. Should the worst happen there is a disaster recovery system in place.

• The potential for significant change to the regulatory environment in which all independent schools operate is well known. Whether these potential changes result in the imposition of VAT on school fees, the abolition of charitable status or the loss of business rates relief, the impact on the school’s finances could be material. The trustees have developed two strategies to mitigate these risks. In the first instance, providing education of the highest quality should ensure continuing strong demand for pupil places. Secondly, prudent management of the school’s finances over many years has enabled us to build a buffer against the economic impact of a change in government policy.

Holy Cross Preparatory School Kingston 22

Trustees’ report Period ended 31 August 2023

RISK MANAGEMENT (continued)

The trustees are satisfied that the major risks identified have been adequately mitigated where necessary, recognising that systems can only provide reasonable, but not absolute assurance that risks have been adequately managed.

RAISING FUNDS

The charity aims to achieve best practice in the way in which it communicates with donors and other supporters. It takes care with both the tone of its communications and the accuracy of its data to minimise the pressures on supporters. It applies best practice to protect supporters’ data and never sells data, it never swaps data and it ensures that communication preferences could be changed at any time. The charity manages its own fundraising activities and does not employ the services of professional fundraisers. The charity undertakes to react to and investigate any complaints regarding its fundraising activities and to learn from them and improve its service. During the period, the charity received no complaints about its fundraising activities.

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The trustees are responsible for preparing the trustees’ report and accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the charity and of the income and expenditure of the charity for that period.

In preparing these accounts, the trustees are required to:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles in the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable to the United Kingdom and Republic of Ireland (FRS 102);

• make judgements and estimates that are reasonable and prudent;

• state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the accounts; and

• prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

Holy Cross Preparatory School Kingston 23

Trustees’ report Period ended 31 August 2023

STATEMENT OF TRUSTEES’ RESPONSIBILITIES (continued)

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the accounts comply with the Charities Act 2011, applicable Charity (Accounts and Reports) Regulations and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

ACKNOWLEDGEMENT

The trustees would like to record their recognition of the service, professionalism and commitment of all the staff and the volunteers in the Friends of the Holy Cross, and to say how much they have appreciated their support.

Signed on behalf of the trustees:

Chair of trustees

Approved by the trustees on: 25 June 2024

Holy Cross Preparatory School Kingston 24

Independent auditor’s report Period to 31 August 2023

Independent auditor’s report to the trustees of Holy Cross Preparatory School Kingston

Opinion

We have audited the accounts of Holy Cross Preparatory School Kingston (the ‘charity’) for the period from 24 August 2022 to 31 August 2023 which comprise the statement of financial activities, the balance sheet, the statement of cash flows, the principal accounting policies and the notes to the accounts. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the accounts:

•  give a true and fair view of the state of the charity’s affairs as at 31 August 2023 and of its income and expenditure for the period from 24 August 2022 to 31 August 2023;

•  have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

•  have been prepared in accordance with the requirements of the Charities Act 2011.

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Holy Cross Preparatory School Kingston 25

Independent auditor’s report Period to 31 August 2023

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report and Accounts, other than the accounts and our auditor’s report thereon. Our opinion on the accounts does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the accounts, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the accounts or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the accounts or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion:

•  the information given in the trustees’ report is inconsistent in any material respect with the accounts; or

•  sufficient accounting records have not been kept; or

•  the accounts are not in agreement with the accounting records and returns; or

•  we have not received all the information and explanations we require for our audit.

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, the trustees are responsible for the preparation of the accounts and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of accounts that are free from material misstatement, whether due to fraud or error.

In preparing the accounts, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Holy Cross Preparatory School Kingston 26

Independent auditor’s report Period to 31 August 2023

Auditor’s responsibilities for the audit of the accounts

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

A further description of our responsibilities for the audit of the accounts is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

How the audit was considered capable of detecting irregularities including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

•  The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

•  We identified the laws and regulations applicable to the charity through discussions with management and trustees and from our knowledge and experience of the charity sector;

•  We focused on specific laws and regulations which we considered may have a direct material effect on the accounts or the activities of the charity. These included but were not limited to the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable to the United Kingdom and Republic of Ireland (FRS 102); and

•  We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and those charged with governance and review of minutes of trustees’ meetings.

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

•  Making enquiries of trustees as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

•  Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

Holy Cross Preparatory School Kingston 27

Independent auditor’s report Period to 31 August 2023

Auditor’s responsibilities for the audit of the accounts (continued)

How the audit was considered capable of detecting irregularities including fraud (continued)

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

•  Performed analytical procedures to identify any unusual or unexpected relationships;

•  Tested and reviewed journal entries to identify unusual transactions;

•  Carried out substantive testing of expenditure including the authorisation thereof;

•  Assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

•  Investigated the rationale behind significant or unusual transactions.

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

•  Agreeing financial statement disclosures to underlying supporting documentation;

•  Reading the minutes of meetings of trustees; and

•  Enquiring of as to actual and potential litigation and claims.

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

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

We did not identify any irregularities, including fraud.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Holy Cross Preparatory School Kingston 28

Independent auditor’s report Period to 31 August 2023

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with section 144 of the Charities Act 2011 and with regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity’s trustees 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 charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Date 27 June 2024

Buzzacott LLP Statutory Auditor 130 Wood Street London EC2V 6DL

Buzzacott LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

Holy Cross Preparatory School Kingston 29

Statement of financial activities Period to 31 August 2023

Notes	Total funds Period from 24 August 2022 to 31 August 2023 £
Income from: Transfer of assets and liabilities from Sisters of the Holy Cross CIO 20 Donations 1 Bank deposits 2 Charitable activities . Provision of education 3 . Other education related income 4 Total income Expenditure on: Charitable activities . Provision of education 5 Total expenditure Net income and net movement in funds Reconciliation of funds: Fund balances brought forward at 24 August 2022 Fund balances carried forward at 31 August 2023	695,847 260,070 12,303 2,589,773 424,515
	3,982,508
	2,742,041
	2,742,041
	1,240,467 —
	1,240,467

All income and expenditure in the above financial period relates to unrestricted funds.

All of the charity’s activities derived from continuing operations. With effect from midnight on 31 January 2023, the activities, assets and liabilities of Holy Cross Preparatory School Kingston were transferred from Sisters of the Holy Cross CIO to this CIO (see note 19).

All recognised gains and losses are included in the above statement of financial activities.

Holy Cross Preparatory School Kingston 30

Balance sheet 31 August 2023

Notes	31 August 2023 £	31 August 2023 £
Fixed assets Tangible assets 11 Current assets Debtors 12 Short term deposits Cash at bank and in hand Creditors: amounts falling due within one year 13 Net current assets Total assets less current liabilities Creditors: amounts falling due after more than one year 14 Total net assets The funds of the charity: Unrestricted funds . Tangible fixed asset fund 15 . General funds Total funds	268,612 1,100,000 549,769	94,732 1,379,935
	1,918,381 (538,446)
		1,474,667 (234,200)
		1,240,467
		94,732 1,145,735
		1,240,467

Approved by the trustees and signed on their behalf by:

Sr M Donovan

Chair of Trustees

Approved on: 25 June 2024

Holy Cross Preparatory School Kingston 31

Statement of cash flows Period to 31 August 2023

A B	Notes	Period from 24 August 2022 to 31 August 2023 £
	Cash flows from operating activities: Net cash generated by operating activities A Cash flows from investing activities: Investment income and interest received Purchase of tangible fixed assets Tangible fixed assets transferred by Sisters of the Holy Cross CIO Investment in short term deposits Net cash used in investing activities Change in cash and cash equivalents in the period Cash and cash equivalents at 24 August 2022 B Cash and cash equivalents at 31 August 2023 B	1,748,610
		12,303 (83,282) (27,862) (1,100,000)
		(1,198,841)
		549,769 —
		549,769
	Notes to the statement of cash flows for the period from 24 August 2022 to 31 August 2023. Reconciliation of net movement in funds to net cash generated by operating activities Period from 24 August 2022 to 31 August 2023 £ Net movement in funds (as per the statement of financial activities) 1,240,467 Adjustments for: Depreciation charge 16,412 Investment income and interest receivable (12,303) Increase in debtors (268,612) Increase in creditors 772,646 Net cashgenerated by operating activities 1,748,610 Analysis of cash and cash equivalents 31 August 2023 £ Total cash and cash equivalents:Cash at bank and in hand 549,769
	Total cash and cash equivalents:Cash at bank and in hand

No separate reconciliation of net debt has been prepared as there is no difference between the net cash (debt) of the charity and the above cash and cash equivalents.

Holy Cross Preparatory School Kingston 32

Principal accounting policies 31 August 2023

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the accounts are laid out below.

Basis of preparation

These accounts have been prepared for the period from 24 August 2022 (the date on which the charity was registered with the Charity Commission) to 31 August 2023.

The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant accounting policies below or the notes to these accounts.

The accounts have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) (Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The charity constitutes a public benefit entity as defined by FRS 102.

The accounts are presented in sterling and are rounded to the nearest pound.

Critical accounting estimates and areas of judgement

Preparation of the accounts requires the trustees to make significant judgements and estimates.

The items in the accounts where such judgements and estimates have been made include:

•  estimating the useful economic life of tangible fixed assets for the purpose of calculating the depreciation charge;

•  assessing the recoverability of outstanding debtors for school fees; and

•  estimating future income and expenditure flows for the purpose of assessing going concern (see below).

Assessment of going concern

The trustees have assessed whether the use of the going concern assumption is appropriate in preparing these accounts. The trustees have made this assessment in respect to a period of at least one year from the date of approval of these accounts.

Holy Cross Preparatory School Kingston 33

Principal accounting policies 31 August 2023

Assessment of going concern (continued)

The trustees of the charity have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the successor charity to continue as a going concern. The trustees are of the opinion that the CIO will have sufficient resources to meet its liabilities as they fall due. The most significant areas of judgement that affect items in the accounts are detailed above. With regard to the next accounting period, the year ending 31 August 2024, the most significant areas that affect school are in respect to pupil numbers and potential changes to the status of independent schools.

Income recognition

Income is recognised in the period in which the charity has entitlement to the income, the amount of income can be measured reliably and it is probable that the income will be received.

Income comprises income from donations, interest receivable, school fees and related charges, and other income including the surplus on the disposal of tangible fixed assets.

Donations are recognised when the charity has confirmation of both the amount and settlement date. In the event of donations pledged but not received, the amount is accrued for where the receipt is considered probable. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period.

In accordance with the Charities SORP FRS 102 volunteer time is not recognised.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

Income derived from the levying of school fees and charges is measured at the fair value of the consideration received or receivable, excluding discounts and rebates.

A surplus on the disposal of tangible fixed assets is defined as the difference between the sale proceeds and the net book value of the asset at the time of disposal and after deducting any costs associated with the disposal. The surplus is recognised at the time when legal completion of the sale takes place.

Miscellaneous income is measured at fair value and accounted for on an accruals basis.

Expenditure recognition

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to make a payment to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.

Holy Cross Preparatory School Kingston 34

Principal accounting policies 31 August 2023

Expenditure recognition (continued)

All expenditure is accounted for on an accruals basis. Expenditure comprises direct costs and support costs. All expenses, including support costs, are allocated or apportioned to the applicable expenditure headings. The classification between activities is as follows:

•  Expenditure on charitable activities includes all costs associated with furthering the charitable purposes of the charity through the provision of its charitable activities. Such costs include:

• direct and indirect expenditure on the provision of education which includes all costs associated with the school.

All expenditure is stated inclusive of irrecoverable VAT.

Allocation of support and governance costs

Support costs represent indirect charitable expenditure. In order to carry out the primary purposes of the charity it is necessary to provide support in the form of personnel development, financial procedures, provision of office services and equipment and a suitable working environment.

Governance costs comprise the costs involving the public accountability of the charity (including audit costs) and costs in respect to its compliance with regulation and good practice.

Support costs and governance costs are allocated directly to the provision of education costs.

Tangible fixed assets

Assets costing more than £5,000 and with an expected useful life exceeding one year are capitalised.

•  Improvements to leasehold buildings

Expenditure on improvements to the leasehold premises are capitalised and depreciated over the term of the lease.

•  Furniture, equipment and computer equipment

Expenditure on furniture, equipment and computer equipment is capitalised and depreciated over a five year period on a straight line basis.

Debtors

Debtors are recognised at their settlement amount, less any provision for non-recoverability. Prepayments are valued at the amount prepaid. They have been discounted to the present value of the future cash receipt where such discounting is material.

Holy Cross Preparatory School Kingston 35

Principal accounting policies 31 August 2023

Cash at bank and in hand

Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition. Notice deposits are included on the balance sheet as short term deposits.

Creditors and provisions

Creditors and provisions are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Creditors and provisions are recognised at the amount the charity anticipates it will pay to settle the debt. They have been discounted to the present value of the future cash payment where such discounting is material.

Fund accounting

The tangible fixed assets fund comprises the net book value of charity’s tangible fixed assets, the existence of which is fundamental to the charity being able to perform its charitable work and thereby achieve its charitable objectives. The value represented by such assets should not be regarded, therefore, as realisable.

General funds represent those monies that are freely available for application towards achieving any charitable purpose that fall within the charity's charitable objects.

Pension costs

The school makes contributions to the Teachers’ Pension Scheme (TPS), which is a defined benefit scheme. Teaching staff employed, under a contract of service are eligible to contribute to the TPS which is a statutory, contributory, final salary scheme administered by Teachers’ Pensions. As the school is unable to identify its share of the underlying (notional) assets and liabilities of the scheme, the charity has taken advantage of the exemption in FRS 17 and has accounted for the contributions to the scheme as if it were a defined contribution scheme.

In order to comply with the auto-enrolment requirements set out in the Pensions Act 2008, the charity offers employees of its school membership of a defined contribution pension scheme. Contributions to the scheme are debited to the statement of financial activities in the year in which they are payable to the scheme.

The school also makes contributions in respect to employees’ personal pension plans. These are accounted for as if they are the contributions to a defined contribution scheme and are charged to the statement of financial activities in the year in which they are payable to the scheme.

Holy Cross Preparatory School Kingston 36

Notes to the accounts Period to 31 August 2023

1 2 3 4 5	Income from: Donations	Period from 24 August 2022 to 31 August 2023 £
	Donation from Sisters of the Holy Cross CIO Sundry donations	260,000 70
		260,070
	Income from: Bank deposits	Period from 24 August 2022 to 31 August 2023 £
	Interest on short-term deposits	12,303
	Income from: Provision of education	Period from 24 August 2022 to 31 August 2023 £
	School fees and related charges	2,589,773
	Income from: Education related charges	Period from 24 August 2022 to 31 August 2023 £
	School lunches Clubs Trips Hall hire Other education related income	159,680 101,898 67,441 46,592 48,904
		424,515
	Expenditure on: Provision of education
		Period from 24 August 2022 to 31 August 2023 £
	Teaching Premises Management and administration Other expenses (including governance – note 5)	2,242,915 362,759 88,098 48,269
		2,742,041

Expenditure on: Provision of education
	Period from
	24 August
	2022 to 31
	August 2023
	£
Teaching	2,242,915
Premises	362,759
Management and administration	88,098
Other expenses (including governance – note 5)	48,269
	2,742,041

Holy Cross Preparatory School Kingston 37

Notes to the accounts Period to 31 August 2023

6 7	Governance costs	Period from 24 August 2022 to 31 August 2023 £
	Legal andprofessional fees	48,269
	Net income and net movement in funds This is stated after charging:

	Period from 24 August 2022 to 31 August 2023 £
Staff costs (note 7) Auditor’s remuneration (including VAT) . Audit services Depreciation (note 10) Operatinglease – rent	1,781,910 19,920 15,654 87,500

8	Staff costs and remuneration of key management personnel	Period from 24 August 2022 to 31 August 2023 £
	Staff costs during the period were as follows: Wages and salaries Social security costs Other pension costs	1,428,720 138,770 214,420
		1,781,910

The number of employees who earned £60,000 per annum or more (including taxable benefits but excluding employer pension contributions) during the period was as follows: Period from 24 August 2022 to 31 August 2023 £ £60,001 - £70,000 1	The number of employees who earned £60,000 per annum or more (including taxable benefits but excluding employer pension contributions) during the period was as follows: Period from 24 August 2022 to 31 August 2023 £ £60,001 - £70,000 1
£60,001 - £70,000	1

Holy Cross Preparatory School Kingston 38

Notes to the accounts Period to 31 August 2023

8 Staff costs and remuneration of key management personnel (continued)

The average number of employees during the period, calculated on average headcount basis and analysed by function, was as follows:

	Period from 24 August 2022 to 31 August 2023 £
Teaching Administration	30 48
	78

The trustees consider that they together with the Headteacher and Bursar comprise the key management of the charity in charge of directing, controlling, running and operating the charity on a day to day basis.

The total remuneration (including taxable benefits, employers’ pension contributions and employers national insurance) of the key management personnel for the period was £156,598.

9 Trustees’ expenses and remuneration and transactions with trustees

The head and bursar are ex-officio trustees. Ex-officio trustees only receive remuneration in respect of services they provide undertaking their roles as staff and not in respect of their services as trustees. The value of remuneration and other benefits paid to ex-officio trustees during the period was as follows:

	Period from 24 August 2022 to 31 August 2023 £
Headteacher and bursar . Remuneration: . Employer’spension contributions	123,264 17,788

During the period ended 31 August 2023, no expenses were reimbursed to trustees.

10 Taxation

The Holy Cross Preparatory School Kingston is a registered charity and, therefore, is not liable to income tax or corporation tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities.

Holy Cross Preparatory School Kingston 39

Notes to the accounts Period to 31 August 2023

11 Tangible fixed assets

	Furniture and equipment £
Cost or valuation At 24 August 2022 Additions Transfer from Sisters of the Holy Cross CIO At 31 August 2023 Depreciation At 24 August 2022 Charge for the period Transfer from Sisters of the Holy Cross CIO At 31 August 2023 Net book values At 31 August 2023	— 83,282 586,884
	670,166
	— 16,412 559,022
	575,434
	94,732

12 Debtors

Debtors
	31 August 2023 £
Prepayments Accrued income Other debtors	105,573 125,000 38,039
	268,612

13 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
	31 August 2023 £
Expense creditors and accruals Social security and other taxes School entrance deposits Tuition fees received in advance Deferred income	169,498 66,266 55,850 179,739 67,093
	538,446

14 Creditors: amounts falling due after more than one year

Creditors: amounts falling due after more than one year
	31 August 2023 £
School entrance deposits	234,200

Holy Cross Preparatory School Kingston 40

Notes to the accounts Period to 31 August 2023

15 Tangible fixed assets fund

Tangible fixed assets fund
	31 August
	2023
	£
At 24 August 2022	—
Movement in period	94,732
At 31 August 2023	94,732

The tangible fixed assets fund represents the net book value of the charity’s tangible fixed assets. A decision was made to separate this fund from the general fund in recognition of the fact that the assets are used in the day to day work of the charity, and the fund value would not be realisable easily if needed to meet future contingencies.

16 Analysis of net assets between funds

Analysis of net assets between funds
	Tangible fixed assets fund £	General funds £	Total 2023 £
Fund balances at 31 August 2023 are represented by: Tangible fixed assets Net current assets Creditors: amounts falling due after more than one year	94,732 — —	— 1,379,935 (234,200)	94,732 1,379,935 (234,200)
	94,732	1,145,735	1,240,467

17 Financial commitments

Operating leases

The charity leases its premises from Sisters of the Holy Cross CIO.

At 31 August, the total of the charity’s future minimum lease payments under noncancellable operating leases was as follows:

**Buildings **	2023 £
Amounts due within one year Amounts due between two and five years Amounts due after five years	150,000 600,000 6,600,000
	7,350,000

Holy Cross Preparatory School Kingston 41

Notes to the accounts Period to 31 August 2023

18 Pension commitments

The school is a member of the Teachers’ Pension Scheme (TPS), a defined benefit pension scheme.

Teachers’ Pension Scheme (TPS)

The Teachers’ Pension Scheme (TPS) is a statutory, contributory, defined benefit scheme, governed by the Teachers’ Pension Scheme Regulations 2014. These regulations apply to teachers in schools, colleges and other educational establishments. Membership is automatic for teachers and lecturers at eligible institutions. Teachers and lecturers are able to opt out of the TPS.

The TPS is an unfunded scheme and members contribute on a ’pay as you go‘ basis – these contributions, along with those made by employers, are credited to the Exchequer under arrangements governed by the above Act. Retirement and other pension benefits are paid by public funds provided by Parliament.

Under the definitions set out in FRS 102 (28.11), the TPS is a multi-employer pension plan. The charity is unable to identify its share of the underlying assets and liabilities of the plan.

Accordingly, the charity has taken advantage of the exemption in FRS 102 and has accounted for its contributions to the scheme as if it were a defined-contribution plan. The School has set out above the information available on the plan and the implications for the School in terms of the anticipated contribution rates.

The valuation of the TPS is carried out in line with regulations made under the Public Service Pension Act 2013. Valuations credit the teachers’ pension account with a real rate of return assuming funds are invested in notional investments that produce that real rate of return.

The latest actuarial review of the TPS was carried out as at 31 March 2016. The valuation report was published by the Department for Education (DfE) in April 2019. The valuation reported total scheme liabilities (pensions currently in payment and the estimated cost of future benefits) for service to the effective date of £218 billion, and notional assets (estimated future contributions together with the notional investments held at the valuation date) of £196 billion, giving a notional past service deficit of £22 billion.

As a result of the valuation, new employer contribution rates were set at 23.68% of pensionable pay from September 2019 onwards (compared to 16.48% during 2018/19).

A full copy of the valuation report and supporting documentation can be found on the Teachers’ Pension Scheme website.

The latest actuarial TPS valuation results, as at 31 March 2020, were released in October 2023. The valuation result is due to be implemented from 1 April 2024, from this date employer contribution rates will increase to 28.68% (including a 0.08% administration levy).

The employer’s pension costs paid to TPS in the period amounted to £171,841.

Holy Cross Preparatory School Kingston 42

Notes to the accounts Period to 31 August 2023

19 Related party transactions

The charity is related to Sisters of the Holy Cross CIO (Charity Registration Number 1195162) by virtue of the fact that two of its trustees, Sister Margaret Donovan and Sister Ursula Eberhardt, are trustees also of Sisters of the Holy Cross CIO.

The school premises are owned by Sisters of the Holy Cross CIO (Charity Registration Number 1195162) and leased for a period of 50 years (see note 16). The rental charge in the period was £87,500. During the period £260,000 was received from Sisters of the Holy Cross CIO as donations.

Note 20 to these accounts details the transfer of activities, assets and liabilities from Sisters of the Holy Cross charitable trust.

There are no other related party transactions requiring disclosure.

20 Transfer of activities, assets and liabilities

The activities of the school were undertaken by Sisters of Holy Cross charitable trust until 31 January 2023 when the activities, assets and liabilities of the Holy Cross Preparatory School, were transferred to the CIO by a deed of transfer.

The net assets transferred at midnight on 31 January 2023 comprise:

	2023 £
Tangible fixed assets . Cost . Depreciation Stock Cash at bank and in hand Debtors Creditors: amounts falling due within one year Creditors: amounts falling due after one year	586,884 (559,022)
	27,862 2,277 2,461,280 106,459 (1,634,281) (267,750)
	695,847

The net assets transferred at midnight on 31 January 2023 were represented by the following funds and reserves:

	2023 £
Funds and reserves Unrestricted funds . General funds	695,847

Holy Cross Preparatory School Kingston 43