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2021-08-31-accounts

Company number: 01162325 Charity number: 269003

NOTRE DAME PREPARATORY SCHOOL (NORWICH) LIMITED (LIMITED BY GUARANTEE)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2021

NOTRE DAME PREPARATORY SCHOOL (NORWICH) LIMITED

COMPANY INFORMATION

COMMITTEE OF MANAGEMENT

R Bailey (Chairman) K Pearson (resigned 3 November 2021) S Chia Father A Eburne (Vice Chairman) T Bailey A Spray G Holland Canon D Paul K Long (appointed 18 January 2021)

ADDITIONAL MEMBERS OF THE BOARD OF MANAGEMENT

Rob Thornton (Headmaster)

BURSAR Mrs A Warne COMPANY NUMBER 01162325 CHARITY NUMBER 269003 REGISTERED OFFICE 147 Dereham Road Norwich NR2 3TA AUDITORS Price Bailey LLP Chartered Accountants Statutory Auditors Anglia House 6 Central Avenue St Andrews Business Park Norwich NR7 0HR BANKERS HSBC Bank plc 18 London Street Norwich NR2 1LG KEY MANAGEMENT PERSONNEL Rob Thornton (Headmaster) Louise Campbell (Deputy Head) Kim Laudan (Deputy Head) Allison Warne (Bursar)

NOTRE DAME PREPARATORY SCHOOL (NORWICH) LIMITED

CONTENTS

Page Report of the Committee of Management 4 - 12 Auditors’ report 13 - 15 Statement of financial activities Balance sheet Statement of cash flows Notes 19 - 30

NOTRE DAME PREPARATORY SCHOOL (NORWICH) LIMITED

REPORT OF THE COMMITTEE OF MANAGEMENT (INCORPORATING A DIRECTOR’S REPORT) FOR THE YEAR ENDED 31 AUGUST 2021

The Committee is pleased to submit its annual report and financial statements for the year ended 31 August 2021.

REFERENCE AND ADMINISTRATIVE DETAILS

Charity number 269003 Company number 01162325 Directors and trustees R Bailey (Chairman) K Pearson (resigned 3[rd] November 2021) S Chia Father A Eburne (Vice Chairman) T Bailey A Spray G Holland Canon D Paul K Long (appointed 18 January 2021)

Committee of Management

The directors of the charitable company (“the school”) are the members of the Committee of Management and its trustees for the purpose of company and charity law.

Members

All members of the Committee of Management are members of the charitable company. The charitable company has no share capital and the liability of members is limited by the guarantee to contribute a maximum of £1 to the assets of the company in the event of its winding up. At 31 August 2021, the charitable company had 8 such members (2020: 9).

In the event of the charitable company being wound up with surplus funds, no members shall be entitled to participate in the distribution of the surplus. The funds remaining after settlement of all liabilities will be transferred to like organisations pursuing similar charitable objectives.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

Notre Dame Preparatory School is a company limited by guarantee and registered under the Companies Act 2006, registration number 01162325. It is a registered charity, charity number 269003. The governing instrument for Notre Dame Preparatory School is its Memorandum and Articles of Association.

The governing body of the company is the Committee of Management and they act as trustees for the charity. The Committee is responsible for controlling the management and administration of the company.

Risk management

The trustees have identified the major risks to which they believe the school is exposed. Risks include but not limited to: Financial risk, safeguarding children, Covid-19, accidental injury, school trips, risk of vandalism, fire, intruders and trespassers. The School has robust policies, risk assessments and procedures in place to minimise risks within the school. See examples of risk management for the key areas below:

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NOTRE DAME PREPARATORY SCHOOL (NORWICH) LIMITED

REPORT OF THE COMMITTEE OF MANAGEMENT (INCORPORATING A DIRECTOR’S REPORT) FOR THE YEAR ENDED 31 AUGUST 2021

----- Start of picture text -----
Key Risk area Safeguards in place
Safeguarding Children  Regular staff training
 Compliance with the ISI regulatory requirements
 Safeguarding audits both internal and external
 Agenda point at every senior management meeting
 Three members of staff with up to date DSL training
 Safer recruitment training
 Regular monitoring of the Single Central Register
 First aid policy
 Medical emergency planning
 30+ staff trained in first aid
 Robust procedures in place for the administration of medication
 Robust procedures in place for children with allergies and specific
dietary needs
 Missing child policy
 Deputy Head (Pastoral) co-ordinates pupil welfare support and
initiatives.
Financial  Appropriate scrutiny and authorisation of transactions
 Regular financial reporting and projections to the governing body
and the SMT
 Accountants audit control
 SAGE software support
 Financial risk assessment in place
Fire  Fire policy in place
 Fire risk assessment in place that is reviewed regularly
 Regular monitoring of fire alarm systems and equipment
 Regular fire drills
 Regular servicing and testing of electrical and gas systems
 Daily site walks
 Compliance with the ISI regulatory requirements
Health & Safety General  Robust Health & Safety policy in place
 Risk assessments completed for each area of risk. Departmental
review takes place when anything changes or annually for no other
reason.
 Governor led Health & Safety Committee
 Regular monitoring of key areas such as Fire, First Aid, COSHH,
Legionella, Asbestos and Food Safety
Intruders  Main entry gates and doors controlled by magnetic locks and a
buzzer and intercom system
 Site gates locked immediately after pick up and drop off
 Alarm system installed with is monitored externally
 Risk assessment in place
School Trips  Visits & Trips Policy in place
 Individual risk assessments completed for each trip by the event lead
 Missing child policy and protocols
Covid-19  Covid-19 policy in place
 Covid-19 risk assessment in place that is updated regularly
 Additional cleaning protocols
 Following latest government and DFE advice
 Outbreak Management Plan in place and critical incident monitoring
 Visitors inside the building restricted
----- End of picture text -----

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NOTRE DAME PREPARATORY SCHOOL (NORWICH) LIMITED

REPORT OF THE COMMITTEE OF MANAGEMENT (INCORPORATING A DIRECTOR’S REPORT) FOR THE YEAR ENDED 31 AUGUST 2021

HR & Staff Welfare
SAGE HR support

Staff training – 3 year development plan in place

Member of ISBA

Staff induction procedures

Regular updates to staff and inset training

SMT have an open door policy

Deputy Head (Pastoral) – co-ordinates staff welfare support

Staff mental health initiatives

Staff handbook

Staff code of conduct and behaviour policy
Other General Points of Note
Regular governor, SMT and staff meetings are held in order to
head off problems before they become an issue

Risk register is in place which is updated at regular intervals.

The school is a member of The Independent Schools Association
(ISA), The Independent Schools Bursars’ Association (ISBA) and
The Association of Governing Bodies of Independent Schools
(AGBIS). These organisations offer a wealth of support to the
school from, general guidance over the telephone to providing
template documents for key policies and information relating to best
practice.

The governing body is made of members from varying
backgrounds and skill sets. This breadth of experience and
knowledge feeds into the school and helps to identify areas for
improvement and ensure that the school is moving forward safely
and effectively.

In addition, from time to time, the school will instigate an independent audit of an area of the school compliance i.e. Health & Safety and Safeguarding. Such audits ensure that the schools procedures are independently scrutinised and help keep the exposure to potential risk low.

Appointment of trustees

All members are circulated with a notice prior to the AGM which notifies them of the members who retire by rotation and if eligible, offer themselves for re-election.

Trustee induction and training

All future trustees will receive briefing as to their legal obligations under charity and company law, the content of the Memorandum and Articles of Association, the committee and decision making processes and recent financial performance of the charitable company.

Arrangements for setting pay and remuneration of key management personnel

The Senior Leadership Team remuneration is set according to industry standards pertaining to school size and numbers of children on roll. The headmaster is responsible for setting the deputy heads’ and bursar’s pay, and the governing body is responsible for setting the headmasters pay in accordance with DFE guidelines.

Organisation

The Committee meets regularly and a manager is appointed by the trustees to manage the day to day operations of the charitable company.

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NOTRE DAME PREPARATORY SCHOOL (NORWICH) LIMITED

REPORT OF THE COMMITTEE OF MANAGEMENT (INCORPORATING A DIRECTOR’S REPORT) FOR THE YEAR ENDED 31 AUGUST 2021

OBJECTIVES AND ACTIVITIES

Objectives

The objective of the school is the advancement of education in a Catholic context, but to children of all faiths or none.

Originally founded by the Sisters of Notre Dame in Surrey Street, Norwich in 1864, the school was transferred to Dereham Road in August 1973. The Preparatory School maintains the traditions and spirit of the Sisters of Notre Dame de Namur.

Mission Statement

As a Roman Catholic school we endeavour to nurture a love of God through Jesus Christ in all our children. The school has an ethos of love and care and embraces children of all faiths.

Children are treated as individuals, respected, nurtured and encouraged to embrace and fulfil their potential in all areas of school life.

We foster positive relationships with peers and adults, and strive to engender mutual respect in all.

We provide a wide-range of extra-curricular activities in order to develop the talents of each child .

The primary purpose of Notre Dame Preparatory School is the advancement of education for children. Inextricably linked with this purpose is the aim of contributing to the public good. Notre Dame Prep School aims to contribute considerable public benefit to the local, national and international community.

Pupils are encouraged and expected to develop an understanding of, and a commitment to, public benefit values as an integral part of their education. Pupils absorb these values both consciously and unconsciously and the School tries to deliver an appropriate programme in both a structured and unstructured way, and to lead by example.

The school measures its success using national standardised scores for children in their last year and before embarking on secondary school education. SATS scores pre-Covid indicate that Notre Dame is the leading Preparatory School in East Anglia although the school prides itself on the happy and well-rounded young people that generally are able to access secondary schools of choice.

PUBLIC BENEFIT

Perhaps the greatest public benefit that Notre Dame Prep School can offer is the affordable provision of an education that maximises the likelihood of its pupils developing into principled, informed, open minded and confident citizens who respect the beliefs of others and who are determined to make a positive contribution to society. As a Catholic School we actively encourage a multi-cultural and multi-faith approach. The trustees have had due regard to the Charity Commission guidance on public benefit.

Public benefit at local level

  1. Education at Notre Dame Prep School

The School educates approximately 200 children from the local area. The School provides a co-educational,

academic, primary school and nursery education.

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NOTRE DAME PREPARATORY SCHOOL (NORWICH) LIMITED

REPORT OF THE COMMITTEE OF MANAGEMENT (INCORPORATING A DIRECTOR’S REPORT) FOR THE YEAR ENDED 31 AUGUST 2021

2. Active Service by Pupils

3. Active Service by Staff

4. Links with other organisations

5. Charity fundraising

The school understands its duty to protect the public, including vulnerable people, from unreasonably intrusive or persistent fundraising approaches and undue pressure to donate, but does not currently fundraise from the public apart from the above noted activities, nor uses any internal fundraisers or external fundraising agencies for either telephone or face-to-face campaigns. No fundraising complaints were received during the year.

6. Sport

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NOTRE DAME PREPARATORY SCHOOL (NORWICH) LIMITED

REPORT OF THE COMMITTEE OF MANAGEMENT (INCORPORATING A DIRECTOR’S REPORT) FOR THE YEAR ENDED 31 AUGUST 2021

7. General Facilities

8. The Environment

Public benefit at national level

ACHIEVEMENTS AND PERFORMANCE

Review

There have been no changes in activities during the year, (although some are still being impacted by Covid-19), all of which are pursued for charitable purposes.

Notre Dame Prep School is now the leading Prep School in East Anglia according to the Times Top 100 Prep Schools. This table is driven by SATs results taken by our Year 6 cohort at the end of each academic year. Although SATs have not taken place for the last couple of years due to Covid standards have been maintained; this is a proud achievement considering the school is non-selective and represents dedication and hard work from staff and pupils alike.

In response to Covid-19 the school launched its online learning provision from scratch in March 2020. This online platform has continued to be used in the past year when required and this online teaching resource has gone from strength to strength. In addition to this the school has implemented robust health and safety procedures which have been updated regularly in line with the latest guidance to protect the whole school community from any unnecessary risk. All of teachers and support staff have worked tirelessly to deliver quality education online and in school and ensure that the school environment is as clean and safe as it can be during this unprecedented time.

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NOTRE DAME PREPARATORY SCHOOL (NORWICH) LIMITED

REPORT OF THE COMMITTEE OF MANAGEMENT (INCORPORATING A DIRECTOR’S REPORT) FOR THE YEAR ENDED 31 AUGUST 2021

The 2019/20 academic year saw the complete rebuild of the schools website and this continues to be updated regularly. This is a key shop window for the school and contains essential information for existing parents and potential new admissions alike along with all the required regulatory information. The new layout makes the website much easier to navigate and also contains photographs of key personnel including how to contact the DSL.

Staff and pupil welfare have always been front and centre at Notre Dame Prep School but the pandemic highlighted that we could do more to support this. The senior management team have been working hard to implement wellbeing sessions for both pupils and staff and give extra support where necessary. A mental wellbeing strategy is in place headed up by the Deputy Head Pastoral. This helps to ensure that pupils, parents and staff alike have people to go to and information at hand to assist them when required; a regular PSHE newsletter is sent out to parents. Wellbeing is screened in all children from Prep 2 upwards using Butler Self Image Profiles.

In previous years we have invested substantially in the school building in order to improve facilities for our school community:

To facilitate improved lunch provision the school invested approximately £220,000 in building and fitting out a new professional kitchen. The work took place during the summer of 2017 ready for the start of the 2017/18 academic year. The kitchen has provided the school with the opportunity to provide fresh, healthy cooked food on site for all pupils.

During the summer of 2019 the school invested a further £350,000 in an extension that was added to the school replacing the existing mobile classroom. The extension incorporated new office and classroom space and allowed for the library to be moved downstairs and extended. Not only did the extension improve the facilities and learning space for the pupils the addition of a purpose built reception/office area improved security.

The Statement of Financial Activities is set out in page 14 and shows the income and application of resources for the year.

FINANCIAL REVIEW

Total income for the year was £1,177,618 compared to £1,228,454 in 2020 and total costs were £1,290,577 compared to £1,327,930 in 2020.

The above has resulted in a net deficit during the year on unrestricted funds of £112,761 (2020: deficit of £99,244). The balance on the general fund at 31 August 2021 was £947,336 (2020: £1,060,097). These funds are held to support the future development of the charitable activities.

The balance on restricted funds at 31 August 2021 was £448 (2020: £646).

At the year end, the school had 183 pupils (2020: 198). At the end of the 2018/19 academic year, the double year group has been in the school since 2012 left. This meant that the school returned to single form entry from September 2019, therefore, a reduction in pupil numbers has been seen. In addition to this the pressure of Covid19 has seen numbers dip a little lower than expected especially within the Nursery. The school will endeavour, to increase pupil numbers to the 200 level and is currently evaluating the viability of increasing the number of weeks the Nursery provision is available.

The school was excited by the prospect of purchasing a neighbouring property with the intention of using this building to afford more space in the school and enable the pupil cohort to extend to years seven and eight. The property was purchased at auction in October 2019 but unfortunately the schools plans did not come to fruition as change of use was not granted by the City Council. Following this disappointment a decision was made to renovate the property and sell on. The financial investment in the Adelaide Street property has nevertheless been a solid one and the time and effort spent on the renovations has been worthwhile. The property is now in the process of being sold and this investment will realise a small surplus.

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NOTRE DAME PREPARATORY SCHOOL (NORWICH) LIMITED

REPORT OF THE COMMITTEE OF MANAGEMENT (INCORPORATING A DIRECTOR’S REPORT) FOR THE YEAR ENDED 31 AUGUST 2021

Reserves policy

The policy set by the Committee is as follows:

As at 31 August 2021 unrestricted funds were £947,336 (2020: £1,060,097) and free reserves (defined as net current assets within unrestricted funds) were £394,874 (2020: £274,026). The Committee believes the current level of reserves needs to be maintained given the policy above and budgets will be set over the coming years to achieve this.

GOING CONCERN, FUTURE DEVELOPMENTS AND EVENTS SINCE THE END OF THE YEAR

Covid-19 has had a significant impact on the school’s activities since 23rd March 2020. During the first lockdown in March 2020 and the second lockdown in January 2021 the school continued to offer onsite education for vulnerable children and pupils of key/critical workers.

For those children not physically attending school, online education is provided. This has resulted in a significant reduction in the fees charged for the summer term 2020 and a freeze on fees for the 2020/21 academic year. In addition to this, the pandemic has limited what we can offer with respect to extra-curricular clubs, after school care and holiday clubs, all of which has an impact on income.

From the beginning of the Covid-19 pandemic the trustees of the finance committee have carefully considered the financial impact on the charity. All decisions have been based on full and proper financial projections and have shown that the business has sufficient cash reserves to maintain viability for at least one year ahead from the date of approval of these accounts. The pandemic has brought home the importance of having a well-planned and thought through reserves policy and this crisis has proven that the NDPS reserves policy has stood the school in good stead during this difficult time and afforded a solid buffer.

There have been a number of positive impacts from Covid-19 as well and we will move forward with these as we come out the other side of the pandemic:

The school is looking to the future and will shortly begin a consultation with the parents and staff to look into the viability of offering a 50 week a year nursery. This offer could be facilitated on the current site and would result more staff being employed from the local area.

Statement of trustees' responsibilities

The Trustees (who are also directors of Notre Dame Preparatory School for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

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NOTRE DAME PREPARATORY SCHOOL (NORWICH) LIMITED

REPORT OF THE COMMITTEE OF MANAGEMENT (INCORPORATING A DIRECTOR’S REPORT) FOR THE YEAR ENDED 31 AUGUST 2021

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the directors are required to:

  1. select suitable accounting policies and then apply them consistently;

  2. observe the methods and principles in the Charities SORP 2019 (FRS 102);

  3. make judgments and accounting estimates that are reasonable and prudent;

  4. state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

  5. prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Statement of disclosure to auditors

Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:

So far as that Trustee is aware,

In preparing this report, the Trustees have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

AUDITORS

A resolution proposing that Price Bailey LLP be reappointed as auditors of the school will be put to the members at the Annual General Meeting.

By order of the Board

Father A Eburne Director / Trustee Date:

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NOTRE DAME PREPARATORY SCHOOL (NORWICH) LIMITED

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF NOTRE DAME PREPARATORY SCHOOL (NORWICH) LIMITED

Opinion

We have audited the financial statements of Notre Dame Preparatory School (Norwich) Ltd (the ‘charitable company’) for the year ended 31 August 2021 which comprise Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and the related notes, including significant accounting policies. 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 financial statements:

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 financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements 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 financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements 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 charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements 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.

Other information

The other information comprises the information included in the report of the committee of management, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the report of the committee of management. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, 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 financial statements or our knowledge obtained in the course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.

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NOTRE DAME PREPARATORY SCHOOL (NORWICH) LIMITED

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF NOTRE DAME PREPARATORY SCHOOL (NORWICH) LIMITED

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the report of the committee of management.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 11, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements 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 financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’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 charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and we report in accordance with regulations made under that Act.

Our objectives are to obtain reasonable assurance about whether the financial statements 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 financial statements.

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NOTRE DAME PREPARATORY SCHOOL (NORWICH) LIMITED

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF NOTRE DAME PREPARATORY SCHOOL (NORWICH) LIMITED

Extent to which the audit was considered capable of detecting irregularities, including fraud:

We gained an understanding of the legal and regulatory framework applicable to the Charity and the sector in which it operates and considered the risk of the Charity not complying with the applicable laws and regulations including fraud in particular those that could have a material impact on the financial statements. This included those regulations directly related to the financial statements, including financial reporting, and tax legislation. In relation to the operations of the Charity this included compliance with the Charities Act 2011 and SORP 2019.

The risks were discussed with the audit team and we remained alert to any indications of non-compliance throughout the audit. We carried out specific procedures to address the risks identified. These included the following:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at https://www.frc.org.uk/auditors/audit-assurance/auditor-s-responsibilities-for-theaudit-of-the-fi/description-of-the-auditor%E2%80%99s-responsibilities-for. The description forms part of our auditor’s report.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the 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.

Helena Wilkinson (Senior Statutory Auditor) For and on behalf of PRICE BAILEY LLP Chartered Accountants Statutory Auditors Anglia House 6 Central Avenue Thorpe St Andrew NR7 0HR

Date:

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NOTRE DAME PREPARATORY SCHOOL (NORWICH) LIMITED

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2021

Total Total
Unrestricted Restricted funds funds
Notes
funds		 funds 2021 2020
£ £ £ £
INCOME
Grants and donations 3 - - - 250
Income from charitable activities 4 1,166,137 - 1,166,137 1,132,495
Other income (CJRS) - - - 93,020
Other income (Profit on disposal of investment) 10,550 - 10,550 -
Investment income 5 931 - 931 2,689
__ _ __ _
TOTAL INCOME 1,177,618 - 1,177,618 1,228,454
__ _ _ _
EXPENDITURE
Expenditure on charitable activities:
Operation of the school 6
1,290,379		 198 1,290,577 1,327,930
__ _ _ _
NET (EXPENDITURE) IN THE YEAR (112,761)
(198)		 (112,959) (99,476)
BEING NET MOVEMENT IN FUNDS
Funds brought forward 1,060,097 646 1,060,743 1,160,219
_ _ _ _
TOTAL FUNDS CARRIED FORWARD 947,336 448 947,784 1,060,743

The Statement of Financial Activities has been prepared on the basis that all operations are continuing operations. There are no recognised gains or losses other than the net expenditure for the year.

The notes on pages 19 to 30 form part of these financial statements.

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NOTRE DAME PREPARATORY SCHOOL (NORWICH) LIMITED REGISTERED NUMBER: 01162325

BALANCE SHEET

AS AT 31 AUGUST 2021

Note
£
FIXED ASSETS
Tangible assets
11
CURRENT ASSETS
Investments
12
-
Debtors
13 35,508
Cash at bank and in hand
547,307
_
582,815
CREDITORS: AMOUNTS FALLING DUE
WITHIN ONE YEAR
14
(187,941)
__
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
FUNDS
Restricted funds
15
Unrestricted funds

TOTAL FUNDS		 2021
2020
£
£
£
552,908
594,873
191,844
44,125
379,115
_
615,084
(149,214)
_
394,874
465,870
_
__
947,782
1,060,743
448
646
947,336
1,060,097
_
__
947,784
1,060,743

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime within Part 15 of the Companies Act 2006. The financial statements were approved by the Board of Trustees on and signed on their behalf by:

Father A Eburne Director / Trustee

The notes on pages 19 to 30 form part of these accounts.

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NOTRE DAME PREPARATORY SCHOOL (NORWICH) LIMITED

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2021

Cash used in operating activities
Net movement in funds
Add back depreciation charge
Deduct interest income shown in investing activities
(Profit) on sale of fixed asset investment
Decrease / (increase) in debtors
Increase / (decrease) in creditors
Net cash used in operating activities
Cash flows from investing activities
Interest income
Purchase of tangible fixed assets
Proceeds from sale of fixed asset invesment
Cash used in investing activities
Increase / (decrease) in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Total cash and cash equivalents at the end of the year
Cash and cash equivalents consists of:
Cash at bank and in hand
Cash and cash equivalents at 31 August 2021		 2021
£
(112,959)
76,390
(931)
(10,550)
8,617
38,727
_
(706)
_
931
(34,427)
202,394
_
168,898
_
168,192
_
379,115
547,307
_
168,192
547,307
547,307
__		 2020
£
(99,476)
80,703
(2,689)
-
(5,549)
(138,422)
_
(165,433)
_
2,689
(247,894)
-
_
(245,205)
_
(410,638)
_
789,753
379,115
_
(410,638)
379,115
379,115
__

The notes on pages 19 to 30 form part of these accounts.

Page 18

NOTRE DAME PREPARATORY SCHOOL (NORWICH) LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

1 CONSTITUTION

The charitable company is a registered charity and is limited by guarantee. The liability of each of the members is limited to £1 each. The registered office is 147 Dereham Road, Norwich, Norfolk, NR2 3TA.

At 31 August 2021, the charitable company had 9 such members (2020: 9).

The financial statements are presented in sterling which is the functional currency of the company rounded to the nearest pound. The company is incorporated in England and Wales.

2 ACCOUNTING POLICIES

The significant accounting policies used in the preparation of these financial statements are:

2.1 BASIS OF PREPARATION

The financial statements 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 UK and Republic of Ireland (FRS 102) (effective 1 January 2019) – Charities SORP (FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006.

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

2.2 GOING CONCERN

The financial statements have been prepared on a going concern basis. Covid-19 has clearly had a significant impact on the school’s activities since 23rd March 2020 and the school has seen a reduction in income as a direct result, however, full and proper financial projections have been completed and confirm that the business has sufficient cash reserves to maintain viability for at least one year from the date of these accounts.

New admission enquiries continue to come forward indicating that pupil numbers are likely to be maintained and therefore the financial future of the school secured. In addition to this the school continues to look to the future and move forward and with a plan to consult on the viability of a 51 week a year nursery. This nursery provision will have the potential to boost pupil numbers in the EYFS and it would be hoped that this would feed through to the main school also.

2.3 TUITION FEES

Tuition fees represent school fees and similar income charged which are all within the United Kingdom.

2.4 DONATIONS

Donations are accounted for on a receivable basis in accordance with the Statement of Recommended Practice for Charities.

2.5 GRANT INCOME

Income from local authority grants are recognised when the charity has entitlement to the funds, any performance conditions attached to the grant have been met, it is probably that the income will be received, and the amount can be measured reliability and is not deferred.

2.6 INTEREST RECEIVEABLE

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.

Page 19

NOTRE DAME PREPARATORY SCHOOL (NORWICH) LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

2.7 FUND ACCOUNTING

2.8 EXPENDITURE

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes VAT which cannot be recovered, and is reported as part of the expenditure to which it relates:

2.9 STAFF TERMINATION COSTS

Redundancy and termination costs are recognised as an expense in the Statement of Financial Activities and a liability on the Balance Sheet immediately at the point the charity is demonstrably committed to either:

2.10 LEASED ASSETS

Rentals paid under operating leases are charged against income on a straight line basis over the lease term.

2.11 TANGIBLE FIXED ASSETS

Tangible fixed assets are stated at cost less accumulated depreciation. Depreciation is provided on all assets other than freehold land, in order to write down the cost of each asset to its residual value over its estimated useful economic life.

The principal annual rates used are:

Page 20

.

NOTRE DAME PREPARATORY SCHOOL (NORWICH) LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

2.12 INVESTMENTS

Investment property is included in the balance sheet at the Trustees’ best estimate of open market value. Any adjustment to market value is taken to the statement of financial activities in the year.

2.13 DEBTORS

Trade and other debtors are recognised at the settlement amount due and prepayments are valued at the amount prepaid net of any trade discounts due.

2.14 CASH AT BANK AND IN HAND

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.15 CREDITORS

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

2.16 FINANCIAL INSTRUMENTS

The school only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value, which is at cost, with the exception of:

Financial assets include trade debtors, investment property and cash and cash equivalents. Financial liabilities include trade creditors, accruals, social security and other taxes

2.17 PENSIONS

The school operates a defined contribution plan for non-teaching staff. A defined contribution plan is a pension plan under which the trust pays fixed contributions into a separate entity. Once the contributions have been paid the school has no further payment obligations.

The contributions are recognised as an expense in the Statement of Financial Activity when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the school in independently administered funds.

Retirement benefits to teaching staff of the school are provided by the Teachers’ Pension Scheme (‘TPS’). The TPS is an unfunded scheme and contributions are calculated so as to spread the cost of pensions over employees’ working lives with the school in such a way that the pension cost is a substantially level percentage of current and future pensionable payroll. The contributions are determined by the Government Actuary on the basis of quadrennial valuations using a prospective unit credit method. As stated in note 17, the TPS is a multi-employer scheme with no underlying assets to assign between employers. Consequently, the TPS is treated as a defined contribution scheme for accounting purposes and the contributions recognised in the period to which they relate.

Page 21

NOTRE DAME PREPARATORY SCHOOL (NORWICH) LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

2.18 JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

No judgements (apart from those involving estimates) have been made in the process of applying the above accounting policies. The key estimates made in applying the above accounting policies are the useful economic lives attributed to tangible fixed assets, and the valuation of investment property.

There are no key assumptions concerning the future, nor key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

3 GRANTS AND DONATIONS

2021
2020
£
£
Grants and donations
-
250
All grants and donations received are unrestricted.
4
INCOME FROM CHARITABLE ACTIVITIES
2020
2021
£
£
Tuition fees
1,070,093
1,039,261
Grants from Local Authority
78,151
80,166
Other income
17,893
13,068
__
_
1,166,137
1,132,495		 2021
£
-		 2020
£
250

All income from charitable activities in 2021 and 2020 was unrestricted.

Grants were received from Norfolk County Council relating to Early Years Funding for 3 and 4 year olds. The funding agreement was for the period from 1[st] September 2020 to 31[st] August 2021 and is renegotiated annually. There were no unfulfilled conditions at the year-end.

5 INVESTMENT INCOME

All of the charity’s investment income of £931 (2020: £2,689) arises from money held in interest bearing savings accounts and is unrestricted.

Page 22

N OTRE DAME PREPARATORY SCHOOL (NORWICH) LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

6 ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES

Operation of the school:
2021
2020
£
£
Direct costs
1,066,877
1,113,333
Support costs
223,700
214,597
_
_
1,290,577
1,327,930
Analysis of support costs:
2021
2020
£
£
Salaries and wages
120,228
127,870
Governance costs (note 7) 14,409
14,320
Advertising
11,493
5,470
Travelling
171
493
Postage & Carriage
240
459
Telephone
3,617
2,368
Office Supplies
459
662
IT Equipment Maintenance / Support
11,563
12,284
Repairs & Renewals
28,764
18,224
Cleaning
16,944
14,381
Bank Charges
1,693
2,068
Subscriptions
14,119
15,998
_
_
223,700
214,597		 Operation of the school:
2021
2020
£
£
Direct costs
1,066,877
1,113,333
Support costs
223,700
214,597
_
_
1,290,577
1,327,930
Analysis of support costs:
2021
2020
£
£
Salaries and wages
120,228
127,870
Governance costs (note 7) 14,409
14,320
Advertising
11,493
5,470
Travelling
171
493
Postage & Carriage
240
459
Telephone
3,617
2,368
Office Supplies
459
662
IT Equipment Maintenance / Support
11,563
12,284
Repairs & Renewals
28,764
18,224
Cleaning
16,944
14,381
Bank Charges
1,693
2,068
Subscriptions
14,119
15,998
_
_
223,700
214,597		 Operation of the school:
2021
2020
£
£
Direct costs
1,066,877
1,113,333
Support costs
223,700
214,597
_
_
1,290,577
1,327,930
Analysis of support costs:
2021
2020
£
£
Salaries and wages
120,228
127,870
Governance costs (note 7) 14,409
14,320
Advertising
11,493
5,470
Travelling
171
493
Postage & Carriage
240
459
Telephone
3,617
2,368
Office Supplies
459
662
IT Equipment Maintenance / Support
11,563
12,284
Repairs & Renewals
28,764
18,224
Cleaning
16,944
14,381
Bank Charges
1,693
2,068
Subscriptions
14,119
15,998
_
_
223,700
214,597
2021
£
120,228
14,409
11,493
171
240
3,617
459
11,563
28,764
16,944
1,693
14,119
_
223,700		 2020
£
127,870
14,320
5,470
493
459
2,368
662
12,284
18,224
14,381
2,068
15,998
_
214,597

Expenditure on charitable activities totalled £1,290,577 (2020: £1,327,930) of which £198 was restricted (2020: £232) and £1,290,379 was unrestricted (2020: £1,327,698).

7 GOVERNANCE COSTS

GOVERNANCE COSTS
2021 2020
£ £
Audit and accountancy fees 5,850 6,250
Other legal and professional fees 8,559 8,070
_ _
14,409 14,320

Page 23

NOTRE DAME PREPARATORY SCHOOL (NORWICH) LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2021

8
NET INCOME
2021
£
This is stated after charging:
Depreciation of owned assets
76,390
Profit on disposal of fixed assets
10,550
Operating lease payments for rent of land and buildings
33,000
Auditor’s remuneration – audit fee
4,800
Auditor’s remuneration – non-audit services
1,050
9
STAFF COSTS, TRUSTEE REMUNERATION AND EXPENSES, AND THE COST OF KEY
MANAGEMENT PERSONNEL
2021
£
The costs incurred during the year were:
Wages and salaries
724,076
Redundancy payments
-
Settlement agreements
-
Social security costs
56,929
Other pension costs
93,684
_
874,689
The number of higher paid employees was:
2021
No.
In the band £60,001 - £70,000
-
In the band £70,001 - £80,000
1
 8
NET INCOME
2021
£
This is stated after charging:
Depreciation of owned assets
76,390
Profit on disposal of fixed assets
10,550
Operating lease payments for rent of land and buildings
33,000
Auditor’s remuneration – audit fee
4,800
Auditor’s remuneration – non-audit services
1,050
9
STAFF COSTS, TRUSTEE REMUNERATION AND EXPENSES, AND THE COST OF KEY
MANAGEMENT PERSONNEL
2021
£
The costs incurred during the year were:
Wages and salaries
724,076
Redundancy payments
-
Settlement agreements
-
Social security costs
56,929
Other pension costs
93,684
_
874,689
The number of higher paid employees was:
2021
No.
In the band £60,001 - £70,000
-
In the band £70,001 - £80,000
1
 2020
£
80,703
-
33,000
4,700
1,550
2020
£
741,003
11,329
1,000
55,914
106,918
_
916,164
2020
No.
1
-
2021
No.
-
1

Pension costs are allocated to activities in proportion to the related staffing costs incurred and are wholly charged to unrestricted funds.

The directors or members of the committee of management were not paid or received any other benefits from employment with the school in the year (2020: NIL) neither were they reimbursed any expenses during the year (2020 NIL). No charity trustee received payment for professional or other services supplied to the charity (2020: NIL).

The key management personnel of the charity comprise the Head teacher, two Deputy Head teachers and the Bursar. The total employee benefits of the key management personnel of the Charity were £235,085 (2020: £234,300).

10 STAFF NUMBERS

The average number of employees during the year was 37 staff (2020: 42 staff).

Page 24

NOTRE DAME PREPARATORY SCHOOL (NORWICH) LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

11 TANGIBLE FIXED ASSETS

TANGIBLE FIXED ASSETS
COST
At 1 September 2020
Additions
At 31 August 2021
DEPRECIATION
At 1 September 2020
Charge for the year
At 31 August 2021
NET BOOK VALUE
At 31 August 2021
At 31 August 2020		 Motor
Vehicles
£
38,394
-
_
38,394
29,290
2,276
_
31,566
6,828		 Property
Land Equipment
Improvements
£
£
£
29,000
258,605
628,065
-
14,341
20,084
_
_
_
29,000
272,946
648,149
-
139,239
190,662
-
17,699
56,415
_
_
_
-
156,938
247,077
29,000
116,008
401,072		 Total
£
954,064
34,425
_
988,489
359,191
76,390
_
435,581
552,908
594,873
9,104 29,000 119,366 437,403

The fixed assets are used for charitable purposes.

Property improvements include playground equipment which was purchased by way of a donation from The Parent Teacher Association. The closing net book value was £310 (2020: £482) and there was a depreciation charge of £172 (2020: £202) during the year.

Also included in property improvements is a canopy purchased with donated funds. All restricted funds have been utilised through depreciation charges.

Equipment includes computers with a net book value of £138 (2020: £164) and a depreciation charge of £26 (2020: £30) which have been purchased with restricted funds.

Motor vehicles include a minibus which was partly purchased by way of donations. All restricted funds have been utilised through depreciation charges.

These entries have been included within restricted funds.

Page 25

NOTRE DAME PREPARATORY SCHOOL (NORWICH) LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

12
INVESTMENTS
Value bought forward at 1 September 2020
Disposals
Value carried forward at 31 August 2021
In the year, the school disposed of 4 Adelaide Street, Norwich.
13
DEBTORS
Trade debtors
Prepayments and accrued income
14
CREDITORS – AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
Deposits and fees paid in advance
Accruals
Social security and other taxes
DEFERRED INCOME
Deferred income relates to fees paid in advance:
Fees in advance brought forward
Amounts deferred during the year
Amounts released during the year
Fees in advance carried forward		 2021
£
191,844
(191,844)
_
-
2021
£
23,442
12,066
_
35,508
2021
£
5,364
149,201
20,457
12,919
_
187,941
2021
£
72,557
102,813
(72,557)
_
102,813		 2020
£
191,844
-
_
191,844
2020
£
29,551
14,574
_
44,125
2020
£
8,882
115,477
10,929
13,926
_
149,214
2020
£
64,777
72,557
(64,777)
_
72,557

Page 26

NOTRE DAME PREPARATORY SCHOOL (NORWICH) LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

15 RESTRICTED FUNDS

At
1 September 2020
£
Computer equipment
164
Playground
482
_
646
At
1 September 2019
£
Computer equipment
194
Playground
684
_
878		 At
Income Expenditure 31 August 2021
£
£
£
-
(26)
138
-
(172)
310
_
_
_
-
(198)
448
At
Income Expenditure 31 August 2020
£
£
£
-
(30)
164
-
(202)
482
_
_
_
-
(232)
646

The computer equipment, playground and canopy funds represent assets purchased from specific donations. The balance reflects their net book value, held for future depreciation to be charged against.

16 NET ASSETS BY FUND

NET ASSETS BY FUND
Unrestricted Restricted
2021 Funds Funds Total
£ £ £
Fixed Assets 552,460 448 552,908
Current Assets 582,815 - 582,815
Current Liabilities (187,941) - (187,941)
_ _ __
947,334 448 947,782
Unrestricted Restricted
2020 Funds Funds Total
£ £ £
Fixed Assets 594,227 646 594,873
Current Assets 615,084 - 615,084
Current Liabilities (149,214) - (149,214)
_ _ __
1,060,097 646 1,060,743

Page 27

NOTRE DAME PREPARATORY SCHOOL (NORWICH) LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

17 ANALYSIS OF NET DEBT

ANALYSIS OF NET DEBT
At start Cash At end
2021 of period flows of period
£ £ £
_ _ __
Cash 379,115 168,192 547,307

18 PENSION COMMITMENTS

There are two pension schemes in place at the year end.

For non-teaching staff, the school operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the school in an independently administered fund. The pension cost charge represents contributions payable by the school to the fund and amounted to £20,448 (2020: £21,358). Contributions totalling £1,963 (2020: £1,748) were payable to the fund at the balance sheet date and are included in creditors.

The charity’s academic and related staff belong to the Teachers’ pension Scheme England and Wales. This is a multi-employer defined benefit scheme. The latest actuarial valuation of the TPS related to the period ended 31 August 2019. There were no outstanding or prepaid contributions at either the beginning or the end of the financial year.

Teachers’ Pension Scheme

The Teachers' Pension Scheme (TPS or scheme) is a statutory, unfunded, defined benefit occupational scheme, governed by the Teachers' Pensions Regulations 2010 (as amended), and the Teachers’ Pension Scheme Regulations 2014 (as amended). These regulations apply to teachers in schools and other educational establishments, including academies, in England and Wales that are maintained by local authorities. In addition, teachers in many independent and voluntary-aided schools and teachers and lecturers in some establishments of further and higher education may be eligible for membership.

Membership is automatic for full-time teachers and lecturers and, from 1 January 2007, automatic too for teachers and lecturers in part-time employment following appointment or a change of contract. Teachers and lecturers are able to opt out of the TPS.

The Teachers’ Pension Budgeting and Valuation Account

Although members may be employed by various bodies, their retirement and other pension benefits are set out in regulations made under the Superannuation Act (1972) and Public Service Pensions Act (2013) and are paid by public funds provided by Parliament. The TPS is an unfunded scheme and members contribute on a ’pay as you go ‘basis – contributions from members, along with those made by employers, are credited to the Exchequer under arrangements governed by the above Acts.

The Teachers' Pensions Regulations 2010 require an annual account, the Teachers' Pension Budgeting and Valuation Account, to be kept of receipts and expenditure (including the cost of pension increases). From 1 April 2001, the Account has been credited with a real rate of return, which is equivalent to assuming that the balance in the Account is invested in notional investments that produce that real rate of return.

Page 28

NOTRE DAME PREPARATORY SCHOOL (NORWICH) LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

18 PENSION COMMITMENTS (CONTINUED)

Valuation of the Teachers’ Pension Scheme

As a result of the latest scheme valuation employer contributions were increased in September 2019 from a rate of 16.4% to 23.6%. Employers also pay a charge equivalent to 0.08% of pensionable salary costs to cover administration expenses.

The next valuation is expected to take effect in 2023.

A copy of the latest valuation report can be found by following this link to the Teachers’ Pension Scheme website:https://www.teacherspensions.co.uk/news/employers/2019/04/teachers-pensions-valuationreport.aspx

Scheme Changes

In December 2018, the Court of Appeal held that transitional protection provisions contained in the reformed judicial and firefighter pension schemes, introduced as part of public service pension reforms in 2015, gave rise to direct age discrimination and were therefore unlawful. The Supreme Court, in a decision made in June 2019, rejected the Government’s application for permission to appeal the Court of Appeal’s ruling and subsequently referred the case to an Employment Tribunal to determine a remedy which will need to be offered to those members of the two schemes who were subject of the age discrimination.

Since then, claims have also been lodged against the main public service schemes including the TPS. The Department has conceded those in line with the rest of the government. In July 2020 HM Treasury launched a 12-week public consultation which will provide evidence to support the delivery of an appropriate remedy for the affected schemes, including TPS.

A final remedy will be determined once the results of the consultation are established.

In December 2019, a further legal challenge was made against the TPS relating to an identified equalities issue whereby male survivors of opposite-sex marriages and civil partnerships are treated less favourably than survivors in same-sex marriages and civil partnerships. The Secretary of State for Education agreed not to defend the case. In June 2020, the Employment Tribunal recorded its findings in respect of the claimant. DfE is currently working to establish what changes are necessary to address this discrimination.

Any impact of these events will be taken into account when the next scheme valuation is implemented. This is scheduled to be implemented in April 2023, based on April 2020 data.

19 RELATED PARTY TRANSACTIONS

Legal fees totalling £882 (2020: £2,543) in respect of debt collection services and other advise were incurred during the year with Steele’s Law, a firm in which R Bailey (trustee) is a director. There was £nil outstanding at the year-end (2020: £nil).

Miscellaneous expenditure totalling £nil (2020: £195) was incurred during the year with The Cathedral of St Johns Baptist Trust, in which Canon David Paul (trustee) is a trustee. There was £nil outstanding at year-end (2020: £nil).

Gardening maintenance services totalling £nil (2020: £120) were purchased during the year from Campbell Landscaping, a firm which Louise Campbell's (SMT) husband owns. There was £nil outstanding at the year-end (2020: £Nil).

There were no other related party transactions that have occurred during the year (2020: none).

Page 29

NOTRE DAME PREPARATORY SCHOOL (NORWICH) LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

20 COMMITMENTS UNDER OPERATING LEASES

At 31 December 2021 the Company had future minimum lease payments under non-cancellable operating leases as follows:

2021 2020
Land and buildings £ £
Not later than 1 year 33,000 33,000
Later than 1 and not later than 5 years 98,333 132,000
Later than 5 years - -
_ _
131,333 165,000

Page 30