OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2024-08-31-accounts

Holy Cross Preparatory School Kingston Annual Report and Accounts

31 August 2024

Charity Registration Number 1200167

Holy Cross Preparatory School Kingston

Contents

Reports

Reports
Reference and administrative information 1
Trustees’ report 2
Independent auditor’s report 24
Accounts
Statement of financial activities 29
Balance sheet 30
Statement of cash flows 31
Principal accounting policies 32
Notes to the accounts 36

Holy Cross Preparatory School Kingston

Reference and administrative information

Members Sisters of the Holy Cross CIO
Andrew Steet (nominated member)
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
Stephen Lehec (appointed 23 September 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 Audit LLP
130 Wood Street
London
EC2V 6DL
Bankers HSBC UK Bank plc
73 High Street,
Watford
Hertfordshire
WD17 2DS
Solicitors Harrison Clark Rickerbys Limited
Ellenborough House
Wellington Street
Cheltenham
Gloucestershire
GL50 1YD

Holy Cross Preparatory School Kingston 1

Trustees’ report Year ended 31 August 2024

The Board of Trustees present their statutory report together with the accounts of Holy Cross Preparatory School Kingston (the charity) for the year ended 31 August 2024.

The accounts have been prepared in accordance with the accounting policies set out on pages 32 to 35 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. The charity has two members: the Sisters of the Holy Cross and a representative of the school trustees.

----- Start of picture text -----
Ignite the Spark
that empowers choices in a modern world
----- End of picture text -----

Holy Cross Preparatory School Kingston 2

Trustees’ report Year ended 31 August 2024

INTRODUCTION (continued)

Comparison with previous financial year

The transfer of assets and liabilities took place on February 1[st] 2023 so the charity’s accounts for the year ended 31[st] August 2023, only captured seven months of the school’s income and expenditure.

However, the charity’s accounts for 2023-24 presented in this document capture the school’s income and expenditure for all 12 months of the financial year.

OBJECTS

The objects of the charity are:

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.

Parent quote July 2024

Never have we experienced such a wholesome, loving and nurturing environment as Holy Cross. The teachers’ warm caring nature has given our daughter the prefect environment to grow in confidence as well as thrive in her learning in a very natural way.

Holy Cross Preparatory School Kingston 3

Trustees’ report Year ended 31 August 2024

OUR AIMS

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:

Holy Cross Preparatory School Kingston 4

Trustees’ report Year ended 31 August 2024

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:

Holy Cross Preparatory School Kingston 5

Trustees’ report Year ended 31 August 2024

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 2024, all pupils in year 6 achieved national expectations in reading, writing and maths with the exception of one pupil in maths while the majority of pupils achieved well above national expectations.

Scholarships

51% of year 6 pupils were awarded scholarships by their chosen senior schools and several pupils received more than one. In total, Holy Cross Preparatory School pupils were offered 38 scholarships in 2024. These included 14 academic scholarships; 16 for sport; 3 all-rounder; 2 music; 1 art; and 2 drama scholarships. Plus 1 academic exhibition and 1 drama exhibition.

Educational activities

The rich, dynamic school curriculum is highly motivating and engaging, encouraging pupils to be curious and develop a love of learning. This results in success across the curriculum. The school aims 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.

Holy Cross Preparatory School Kingston 6

Trustees’ report Year ended 31 August 2024

REVIEW OF ACTIVITIES AND ACHIEVEMENTS (continued)

Educational activities (continued)

During the year, pupils have taken part in a broad range of high-quality relevant learning activities in the core subjects: English, maths, science, religious education and personal, social and health education. Along with the foundation subjects: art, French, computing, PE and music.

During the academic year, there was a particular focus on conservation work, encouraging the community to love and protect our planet. Highlights of the year included: a Marine Conservation week with a Big Blue Day learning how plastics make their way to the sea and damage sea life as well as enter the food chain; artivism competition when rubbish was used to create an environmental image; learning and taking action in accordance with Laudato Si, the Pope’s encyclical to protect our common home the Earth; making and selling a sustainable product at our STEAMterprize fair; growing and eating fruit and veg from our school kitchen garden; and supporting the Millenium Elephant Foundation in Sri Lanka. Guest speakers including the Marine Conservation Society, a renewable energy expert and wildlife photographers Paul Goldstein and Allan Michaud developed the pupils’ breadth and depth of conservation knowledge.

Holy Cross Preparatory School Kingston 7

Trustees’ report Year ended 31 August 2024

REVIEW OF ACTIVITIES AND ACHIEVEMENTS (continued)

Educational visits

Across all years educational visits enriched pupils’ learning. These included to: the British wildlife centre, to understand animal habitats and adaptations for survival; London Zoo to learn about the rainforest habitat and the animals who live there; Bletchley Park to deepen understanding of World War II, computer coding, D day and the Enigma machine; and Butser Ancient Farm for an opportunity to study the Romans through hands on immersive practical activities; and Hampton Court to experience Tudor Life.

The benefits of the residential trips go beyond supporting the classroom curriculum to enable peers to interact in a different setting, enhancing their social skills and the value of teamwork.

Residential trips 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.

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 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 collective vision and mission statement, our values help form our collective identity. Pupil faith leaders plan and implement new initiatives in line with the school's mission and ethos, support and develop collective worship throughout the school and are ambassadors for the faith formation and liturgical life of the school community.

Holy Cross Preparatory School Kingston 8

Trustees’ report Year ended 31 August 2024

REVIEW OF ACTIVITIES AND ACHIEVEMENTS (continued)

Faith life of the school (continued)

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. The academic year started in September with The Feast of the Holy Cross, swiftly followed by Harvest Festival. Preparation for Christmas was an early Advent season with Advent promises, the Advent wreath and Nativities. In January we celebrated the Epiphany. At the beginning of Lent, pupils wrote Lenten promises to think about how they could make changes in their lives to be more like Jesus and walk with Him on his pilgrimage during Lent, displayed on footprints across the school; pupils acted the Easter story in our Lenten Walk (Stations of the Cross) in the grounds; throughout the year pupil-led Masses and services celebrated Holy Days, feast days and solemnities, often joined by our parish priest from St. Ann’s Parish Kingston; and Sister Ursula led a highly popular weekly ‘Time 4 God’ group for parents, which was well attended and open to all faiths and those of none.

As part of our continued commitment to serving others, the school was actively involved in many charitable events detailed below.

Parent Quote June 2024

‘From the excellent teachers, the impressive grounds and sport’s facilities, the camaraderie and sense of community amongst and from each member of the staff, the great sustainability effort, the convenient school bus, the wonderful music and drama activities, the excellent pastoral care and values, and the happy and all round girls who obviously speak for themselves!’

Music

Music is a very important part of the curriculum, enabling pupils to appreciate, read and make music.

The specialist music teacher led curriculum lessons, whilst visiting specialists taught 145 pupils a wide variety of lessons including piano, singing, trumpet, trombone, violin, cello, guitar, flute, oboe, clarinet, and drums. Excellent ABRSM (Royal Schools of Music) results were achieved by pupils, from prep and initial tests up to Grade 6, with 83% achieving merit and distinction.

Holy Cross Preparatory School Kingston 9

Trustees’ report Year ended 31 August 2024

REVIEW OF ACTIVITIES AND ACHIEVEMENTS (continued)

Music (continued)

During the year, music ensembles including the orchestra, three choirs, djembe drums, hand chimes and a year 6 band enjoyed making music together and performing in assemblies. In spring, an Evening of Music demonstrated the musical talent of our junior pupils where various soloists performed alongside the school ensembles. As part of the curriculum various year groups learnt to play the recorder, ukulele and a brass instrument. Year 5 pupils completed a project on graphic scores and incorporated technology into their music-making.

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 self-confidence to act and sing to an audience. In years 2 and 3, pupils took LAMDA exams, along with year 4 to year 6 pupils who prepared in LAMDA club. Over 100 pupils took LAMDA exams and all 100% passed with distinction.

The year 6 summer play was a production of The Magical Bottle for a two-night run in the school’s curtain theatre.

Holy Cross Preparatory School Kingston 10

Trustees’ report Year ended 31 August 2024

REVIEW OF ACTIVITIES AND ACHIEVEMENTS (continued)

Art

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

Pupils were 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 experienced 3D materials with clay and mod-roc. Topics were very broad with direct links to a variety of artists from all different genres including black history artists, for example Alma Thomas and Jean Michel Basquiat. Arts and crafts taught from around the world, provided a critical context for making. The curriculum was extended by visiting exhibitions such as Frameless Great Masters, London.

Sport

With a policy of sport for all with excellence, pupils immersed themselves into a wide range of different activities throughout the year. Core sports included hockey, netball, cricket, athletics, dance, swimming, gymnastics and cross-country for junior pupils and fundamental ball skills, dance and gymnastics for the pre-prep. Football and pickle ball were a new addition to the curriculum. The whole school came together for an interhouse dance competition.

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

The U11A netball team played in the IAPS regional competition and Surrey tournament and finished joint 5th place in both.

The U11A hockey team played in the IAPS regional competition and finished joint 5th; they won the Hall Grove tournament and finished 3rd in the Surrey tournament.

Both the U10 and U11 Cross country teams won the Kingston borough event. One pupil finished 1st in her age group against over 100 runners and finished 3rd place in the Surrey Cross country.

Holy Cross Preparatory School Kingston 11

Trustees’ report Year ended 31 August 2024

REVIEW OF ACTIVITIES AND ACHIEVEMENTS (continued)

Sport (continued)

For the first time we entered the U11 Kingston borough football tournament and finished in 3rd place. At the IAPS regional tournament, the team finished in 4th place.

In cricket, the U10A were 4th in the Epsom College tournament, the U11A team finished 2nd in the IAPS regional competition and 2nd in the Surrey competition. The team also won the Kingston borough tournament and represented Kingston in the London Youth Games where the pupils finished in 1st place.

The year ended with a fabulous sports day for the whole school.

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 termly.

The extra-curricular clubs in which the pupils participated included: music – orchestra, choir, drums, hand chime, MTech; Sport - Sports For All Clubs, netball, hockey, tennis, athletics, fencing, cricket, playball, football, golf, swimming; Other – forest skills, ballet, science, publicspeaking, maths, chess, quiz club, LAMDA, French grammar, hip hop, yoga, drama, Spanish, touch-typing, craft, art, cookery, wildlife, cross-stitch, drawing, Hama beads, book club and life skills.

The school provides 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).

Holy Cross Preparatory School Kingston 12

Trustees’ report Year ended 31 August 2024

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 the local state school, Coombe Junior School. Throughout this reporting period, our specialist drama teacher led a highly successful out-reach 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 and during this reporting period the school community collected preloved books to donate to the Zambian school and help stock the library (a library building previously funded by Holy Cross Preparatory School Kingston).

CHARITY

Community service and access to facilities

To fulfil the aim 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, 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 The Millenium Elephant Foundation, Sri Lanka linked to the school focus on Conservation. To raise funds for this worthy cause, the pupils held a Steamterprize Fair selling products and a sustainable year 6 upcycle fashion show. Earlier in the academic year, the school supported Macmillan cancer coffee morning and raised funds for the Catholic Agency For Overseas Development. In total charitable funds raised were £3,745.

Holy Cross Preparatory School Kingston 13

Trustees’ report Year ended 31 August 2024

CHARITY (continued)

Community service and access to facilities (continued)

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 Activity Camp; a the local senior school held a retreat day on the school site.

ENVIRONMENTAL INITIATIVES

Reducing our carbon footprint

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, pupils focused on encouraging the whole school to realise that the decisions they make on a daily basis impact the local and global community. These initiatives included the following: pupils participated in a survey of the worm population for the British Trust for Ornithology supporting the bird population; the eco-councillors purchased recycling penguin shaped paper bins to encourage paper recycling; energy conservation was promoted through Switch Off Fortnight saving energy across the school; pupils took part in a dedicated Blue Day to learn about Marine Conservation, raising awareness of pollution in the oceans and how to actively save our seas; an artivism project transformed discarded plastic into stunning pieces of art carrying a powerful message. The school then received an Ocean Friendly School Award for their work.

Holy Cross Preparatory School Kingston 14

Trustees’ report Year ended 31 August 2024

ENVIRONMENTAL INITIATIVES (continued)

A school wide food growing project in the kitchen garden involved every pupil germinating, planting out and growing their class’s chosen vegetables, fruit and herbs. School grown lettuces stocked the school kitchen for a few weeks.

The school pledged to become more sustainable, implementing initiatives such as: providing a school bus service to reduce our carbon footprint; installing an electric car charger; purchasing educational resources made from recycled materials; powering down devices outside core hours; reducing food waste; and replacement of light bulbs with LED lights.

The school was accredited with the Eco-Schools Green Flag award for a second year, acknowledging, rewarding and celebrating the ecological achievements of the school community with distinction.

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) who visit the school and take up work experience placements. 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 a quality education for girls’ and maintaining our school’s competitive position in the South London market by investing in high-quality education for our pupils. Our strategies focus on achieving academic excellence within a nurturing 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.

Holy Cross Preparatory School Kingston 15

Trustees’ report Year ended 31 August 2024

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 short-term 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 part of 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 in the educational purposes and fabric of school.

Financial results

A summary of the period’s results can be found on page 29 of the attached accounts.

The financial results for the period 2023/24 show a surplus of £677,936. Income of £6,663,404 included an amount of £250,000 donated to the school by the Sisters of the Holy Cross CIO for which the trustees are very grateful.

There was no capital expenditure/ purchase of tangible fixed assets incurred in the year..

The balance sheet shows total funds of £1,918,403 of which £72,032 is represented by tangible fixed assets. Free reserves are shown on the balance sheet as general funds and amounted to £1,846,371 at 31 August 2024. Cash balances at the end of the year were £3,903,425.

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.

Holy Cross Preparatory School Kingston 16

Trustees’ report Year ended 31 August 2024

OUR FINANCES (continued)

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 2023-24 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.

  2. 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.

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

Holy Cross Preparatory School Kingston 17

Trustees’ report Year ended 31 August 2024

Reserves policy (continued)

Reserve Policy Summary

Reserve Policy Summary
Current
Year
£000		 Previous
Year
£000		 Reason
for
Change
Unrestricted Funds
Restricted Funds
Projects
Total Funds
% of Reserves to Annual OperatingCost		 1,846
-
-		 1,146
-
-		 Increase in
funds due
to surplus
1,846 1,146
37.0%

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 2024 Holy Cross Preparatory School held no restricted reserves, a designated fixed asset fund of £72,032 and unrestricted general (free) reserves of £1,846,371. Free reserves represent 37.0% of the annual expenditure for 2023-2024 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 and Faith Committee which meet also termly prior to general meetings.

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.

Holy Cross Preparatory School Kingston 18

Trustees’ report Year ended 31 August 2024

STRUCTURE, GOVERNANCE AND MANAGEMENT (continued)

Trustees and committees (continued)

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 and Faith Committee
Mr Christopher Daley 24 August 2022 Buildings, Health & Safety Committee
Sister Margaret Donovan 24 August 2022 Buildings, Health & Safety Committee
(Chair) Education and Faith Committee
Finance Committee
Sister Ursula Eberhardt 24 August 2022 Education and Faith Committee
Dr Io Epstein 24 August 2022 Education and Faith Committee
Safeguarding trustee
Mrs Mary Kathleen Hayes 24 August 2022 Education and Faith 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
Stephen Lehec 23 September Finance Committee
2024
Ex-officio trustee name
Mrs Sarah Hair 24 August 2022 Buildings, Health & Safety Committee
(Headteacher) Bursary Committee
Education and Faith 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.

Holy Cross Preparatory School Kingston 19

Trustees’ report Year ended 31 August 2024

STRUCTURE, GOVERNANCE AND MANAGEMENT (continued)

Trustees and committees (continued)

There shall be two members of the CIO at any time. The first members of the CIO shall be:

an individual nominated from time to time on behalf of the charity trustees (“Nominated Member”). The first Nominated Member shall be Andrew Steet.

The maximum number of charity trustees during the year 2023-24 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.

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:

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).

Holy Cross Preparatory School Kingston 20

Trustees’ report Year ended 31 August 2024

STRUCTURE, GOVERNANCE AND MANAGEMENT (continued)

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.

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:

Holy Cross Preparatory School Kingston 21

Trustees’ report Year ended 31 August 2024

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:

Holy Cross Preparatory School Kingston 22

Trustees’ report Year ended 31 August 2024

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:

Sister Margaret Donovan

Chair of trustees

Approved by the trustees on: 28 March 2025

Holy Cross Preparatory School Kingston 23

Independent auditor’s report Year ended 31 August 2024

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 year ended 31 August 2024 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:

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 24

Independent auditor’s report Year ended 31 August 2024

Other information

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

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

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

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 25

Independent auditor’s report Year ended 31 August 2024

Auditor’s responsibilities for the audit of the accounts

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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:

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

Holy Cross Preparatory School Kingston 26

Independent auditor’s report Year ended 31 August 2024

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:

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

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.

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 27

Independent auditor’s report Year ended 31 August 2024

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. 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.

Buzzacott Audit LLP 28 May 2025 Statutory Auditor 130 Wood Street London EC2V 6DL

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

Holy Cross Preparatory School Kingston 28

Statement of financial activities Year ended 31 August 2024

Notes 31 August
2024
£		 Period from
24 August
2022 to 31
August
2023
operational
for 7
months
£
Income from:
Transfer of assets and liabilities from Sisters of the Holy Cross CIO
Donations
1
Interest on short term deposits
Charitable activities
. Provision of education
2
. Other education related income
3
Total income
Expenditure on:
Charitable activities
. Provision of education
4
Total expenditure
Net income and net movement in funds
Reconciliation of funds:
Fund balances brought forward
at 24 August 2023
Fund balances carried forward
at 31 August 2024		 —
256,370
90,222
4,574,310
742,502		 695,847
260,070
12,303
2,589,773
424,515
5,663,404 3,982,508
4,985,468 2,742,041
4,985,468 2,742,041
677,936
1,240,467		 1,240,467
—
1,918,403 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 20).

The school was registered as a CIO on 24 August 2022 but the CIO remained dormant until becoming operational on 1 February 2023. The accounting period from 24 August 2022 to 31 August 2023 represents seven months of operational activity.

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

Holy Cross Preparatory School Kingston 29

Balance sheet 31 August 2024

Notes 31
August
2024
£		 31
August
2024
£		 31
August
2023
£		 31
August
2023
£
Fixed assets
Tangible assets
10
Current assets
Debtors
11
Short term deposits
Cash at bank and in hand
Creditors: amounts falling due
within one year
12
Net current assets
Total assets less current liabilities
Creditors: amounts falling due
after more than one year
13
Total net assets
The funds of the charity:
Unrestricted funds
. Tangible fixed asset fund
14
. General funds
Total funds		 190,682
3,450,000
453,425		 72,032
2,906,006		 268,612
1,100,000
549,769		 94,732
1,379,935
4,094,107
(1,188,101)		 1,918,381
(538,446)
2,978,038
(1,059,635)		 1,474,667
(234,200)
1,918,403 1,240,467
72,032
1,846,371		 94,732
1,145,735
1,918,403 1,240,467

Approved by the trustees and signed on their behalf by:

Sister Margaret Donovan

Chair of Trustees

Approved on: 28 March 2025

Holy Cross Preparatory School Kingston 30

Statement of cash flows Year ended 31 August 2024

Notes
Year
ended
31 August
2024
£		 Period from
24 August
2022 to 31
August
2023
operational
for 7
months
£
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 year
Cash and cash equivalents at 1 September 2023
B
Cash and cash equivalents at 31 August 2024
B
2,202,693		 1,748,610
50,963
—
—
(2,350,000)		 12,303
(83,282)
(27,862)
(1,100,000)
(2,299,037) (1,198,841)
(96,344)

549,769		 549,769
—

453,425		 549,769

Notes to the statement of cash flows for the year ended 31 August 2024

A Reconciliation of net movement in funds to net cash generated by operating activities

Year
ended
31 August
2024
£		 Period from
24 August
2022 to 31
August
2023
£
Net movement in funds (as per the statement of financial activities)
Adjustments for:
Depreciation charge
Investment income and interest receivable
Decrease (increase) in debtors
Increase in creditors
Net cashgenerated by operating activities
677,936
22,700
(90,222)
117,189
1,475,090		 1,240,467
16,412
(12,303)
(268,612)
772,646
2,202,693 1,748,610

B Analysis of cash and cash equivalents

Analysis of cash and cash equivalents
31 August
2024
£		 31 August
2023
£
Total cash and cash equivalents:Cash at bank and in hand 453,425 549,769

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 31

Principal accounting policies 31 August 2024

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 year to 31 August 2024 with comparative figures provided in respect to the period from 24 August 2022 to 31 August 2023 (encompassing the seven month operational period from 1 February 2023 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:

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 32

Principal accounting policies 31 August 2024

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 charity to continue as a going concern. The trustees are of the opinion that the charity 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 2025, the most significant areas that affect school are in respect to pupil numbers and 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.

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.

Other 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.

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.

All expenditure is stated inclusive of irrecoverable VAT.

Holy Cross Preparatory School Kingston 33

Principal accounting policies 31 August 2024

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.

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.

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.

Holy Cross Preparatory School Kingston 34

Principal accounting policies 31 August 2024

Fund accounting (continued)

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 prior to October 2021, under a contract of service contribute to the TPS which is a statutory, contributory, final salary scheme administered by Teachers’ Pensions. The school opted for phased withdrawal and newly appointed teachers are eligible to enrol in the APTIS pension scheme. All support staff are entitled to enrol in the APTIS scheme. As the school is unable to identify its share of the underlying (notional) assets and liabilities of the scheme, the charity has adopted FRS 102 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 35

Notes to the accounts Year ended 31 August 2024

1 Income from: Donations Year
ended
31 August
2024
£		 Period from
24 August
2022 to 31
August
2023
operational
for 7
months
£
Donation from Sisters of the Holy Cross CIO
Sundry donations		 250,000
6,370
260,000
70
256,370 260,070

2 Income from: Provision of education

Income from: Provision of education
Year
ended
31 August
2024
£		 Period from
24 August
2022 to 31
August
2023
operational
for 7
months
£
Fees
Deposits
Discounts
Staff discounts
Bursaries		 4,666,167
13,600
(3,228)
(42,478)
(59,751)		 2,606,848
13,599
(1,763)

—
(28,911)
4,574,310 2,589,773

3 Income from: Education related charges

Income from: Education related charges
Year
ended
31 August
2024
£		 Period from
24 August
2022 to 31
August
2023
operational
for 7
months
£
School lunches
Clubs
Trips
Hall hire
Other		 287,286
252,672
92,592
53,260
56,692
159,680

101,898

67,441

46,592
48,904
742,502 424,515

Holy Cross Preparatory School Kingston 36

Notes to the accounts Year ended 31 August 2024

4 Expenditure on: Provision of education

Expenditure on: Provision of education
Year
ended
31 August
2024
£		 Period from
24 August
2022 to 31
August
2023
operational
for 7
months
£
Teaching
Premises
Management and administration (including governance – note 6)
Other expenses		 4,067,370
681,059
159,539
77,500
2,242,915

362,759

88,098
48,269
4,985,468 2,742,041

5 Governance costs

Governance costs
Year
ended
31 August
2024
£		 Period from
24 August
2022 to 31
August
2023
operational
for 7
months
£
Legal and professional fees
Audit and accountancy		 34,031
20,760		 28,349
19,920
54,791 48,269

6 Net income and net movement in funds

This is stated after charging:

Year
ended
31 August
2024
£		 Period from
24 August
2022 to 31
August
2023
operational
for 7
months
£
Staff costs (note 8)
Auditor’s remuneration (including VAT)
. Audit services
Depreciation (note 11)
Operatinglease – rent		 3,230,129
20,760
22,700
150,000
1,781,910

19,920
15,654
87,500

Holy Cross Preparatory School Kingston 37

Notes to the accounts Year ended 31 August 2024

7 Staff costs and remuneration of key management personnel

Staff costs and remuneration of key management personnel
Year
ended
31 August
2024
£		 Period from
24 August
2022 to 31
August
2023
operational
for 7
months
£
Staff costs during the period were as follows:
Wages and salaries
Social security costs
Other pension costs		 2,571,623
237,793
420,713
1,428,720

138,770
214,420
3,230,129 1,781,910

The accounting period from 24 August 2022 to 31 August 2023 represents seven months of operational activity from 1 February 2023 to 31 August 2023.

The number of employees who earned £60,000 or more (including taxable benefits but excluding employer pension contributions) during the period was as follows:

Year
ended
31 August
2024
£		 Period from
24 August
2022 to 31
August
2023 based
on 7
months
£
£60,001 - £70,000
£70,001 - £80,000
£80,001 - £90,000
£90,001 - £100,000		 3
1
2
1		 —
—
—
1

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

Year
ended
31 August
2024
£		 Period from
24 August
2022 to 31
August
2023 based
on 7
months
£
Teaching
Administration		 49
26
48
30
75 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.

Holy Cross Preparatory School Kingston 38

Notes to the accounts Year ended 31 August 2024

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

The total remuneration (including taxable benefits, employers’ pension contributions and employers national insurance) of the key management personnel for the period was £251,174 (2023 operational period of seven months: £156,598).

8 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:

Year
ended
31 August
2024
£
190,219
37,215		 Period from
24 August
2022 to 31
August
2023 based
on 7
months
£
Headteacher and bursar
. Remuneration:
. Employer’spension contributions		 123,264
17,788

During the year ended 31 August 2024, no expenses were reimbursed to trustees (2023: none).

9 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.

10 Tangible fixed assets

Tangible fixed assets
Furniture
and
equipment
£
Cost
At 31 August 2023
Additions
At 31 August 2024
Depreciation
At 31 August 2023
Charge for the period
At 31 August 2024
Net book values
At 31 August 2024
At 31 August 2023		 670,166
—
670,166
575,434
22,700
598,134
72,032
94,732

Holy Cross Preparatory School Kingston 39

Notes to the accounts Year ended 31 August 2024

11 Debtors

Debtors
31 August
2024
£		 31 August
2023
operational
for 7
months
£
Prepayments
Accrued income
Other debtors		 112,553
39,259
38,871		 105,573
125,000
38,039
192,683 268,612

12 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
31 August
2024
£		 31 August
2023
operational
for 7
months
£
Expense creditors and accruals
Social security and other taxes
School entrance deposits
Fees received in advance
Deferred income		 297,216
83,322
53,650
732,540
21,373		 169,498
66,266
55,850
179,739
67,093
1,188,101 538,446

13 Creditors: amounts falling due after more than one year

Creditors: amounts falling due after more than one year
31 August
2024
£		 31 August
2023
operational
for 7
months
£
School entrance deposits
Fees received in advance		 238,950
820,685		 234,200
—
1,059,635 234,200

Deferred income

Deferred income relates to fees and other educational charges received at 31 August which relate to the next accounting period.

31 August
2024
£		 31 August
2023
operational
for 7
months
£
Deferred income at 1 September 2023
Released from previous years
Resources deferred in the year
Deferred income at 31 August 2024		 246,832
(246,832)
842,058		 —
—
246,832
842,058 246,832

Holy Cross Preparatory School Kingston 40

Notes to the accounts Year ended 31 August 2024

14 Tangible fixed assets fund

31 August
2024
£		 31 August
2023
operational
for 7
months
£
At 31 August 2023
Movement in period
At 31 August 2024		 94,732
(22,700)		 —
94,732
72,032 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.

15 Analysis of net assets between funds

Analysis of net assets between funds
Tangible
fixed
assets
fund
£		 General
funds
£		 Total
2024
£
Fund balances at 31 August 2024 are represented by:
Tangible fixed assets
Net current assets
Creditors: amounts falling due after more than one year		 72,032
—
—		 —
2,906,006
(1,059,635)		 72,032
2,906,006
(1,059,635)
72,032 1,846,371 1,918,403
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

16 Financial commitments

Operating leases

The charity leases its premises from Sisters of the Holy Cross CIO. The period of the lease is 50 years. The rental charge is subject to review at 31 December 2024 and annually thereafter. There was no increase to the rent at 31 December 2024.

At 31 August, the total of the charity’s future minimum lease payments under noncancellable operating leases was as detailed below. These values are stated exclusive of increases which may arise through the annual review:

Holy Cross Preparatory School Kingston 41

Notes to the accounts Year ended 31 August 2024

16. Financial commitments (continued)

Financial commitments(continued)
Buildings 31 August
2024
£		 31 August
2023
£
Amounts due within one year
Amounts due between two and five years
Amounts due after five years		 150,000
600,000
6,450,000
150,000
600,000
6,600,000
7,200,000 7,350,000

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 adopted 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 valuation of the TPS related to the period ended 31 March 2020.

Holy Cross Preparatory School Kingston 42

Notes to the accounts Year ended 31 August 2024

17 Pension commitments (continued)

Valuation of the Teachers’ Pension Scheme

The next valuation result is due to be implemented from 1 April 2028.

A copy of the valuation report and supporting documentation is on the Teachers' Pension Scheme website.

The employer’s pension costs paid to TPS in the period amounted to £286,614 (2023 - £171,841 for the seven months operational period from 1 February 2023 to 31 August 2023).

Other schemes

Employer contributions paid to defined contribution schemes during the year amounted to £101,653. This includes a number of teachers as well as support staff now enrolled in the APTIS scheme. The school has opted for phased withdrawal from the TPS, which resulted in all existing staff remaining in the scheme and newly appointed teachers to be enrolled into the APTIS scheme, currently 6 teachers. All support staff transferred into the APTIS scheme on 1 February 2023.

Holy Cross Preparatory School Kingston 43

Notes to the accounts Year ended 31 August 2024

18 Related party transactions

The Sisters of the Holy Cross CIO (Charity Registration Number 1195162) provide one of the two members of the school CIO and the Sisters nominated member has the controlling vote. The other member is a representative of the school trustees nominated by the trustees.

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 17). The rental charge in the period was £150,000. During the period £250,000 was received from Sisters of the Holy Cross CIO as donations.

19 Liability of members

In the event that the CIO is wound up the members have no liability to contribute to its assets and no personal responsibility for settling its debts and liabilities.

Holy Cross Preparatory School Kingston 44