REGISTERED COMPANY NUMBER: 01757474 (England and Wales) REGISTERED CHARITY NUMBER.. 288148 REPORT OF THE TRusfEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 FOR ST CATHERINE'5- SPEECH AND LANGUAGE BrlÈht Brown Limited Chartered Accountdnts Statutofy Auditor EKchange House St. Cross Lane Newport Isle of Wlght P030 5BZ
ST CATHERINE'S- SPEECH ANO LANGUAGE CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST2021 Pb8e Report of theTrustees I to 10 Report of the Independent Audltors 11 to 13 Statement of Flnanclal Actlvltles 14 Balance Sheet 15 Cash Flow Statement 16 Notes to the Cagh Flow Statement 17 Note5 to tho Flnanclal Statements 18 to 31 Detailed Statement of Financlal Actlvitles 32 to 33
STCATPbERINE'S- SPEECH AND LANGUAGE REPORT OF THE TRUSTEE5 FOR THE YEAR ENDED 31 AUGUST 2021 The trustees who are also directors of the charity fr&r the purposes of the Companies Act 2006, present their report with the financial ststements of the charity for the year ended 31 August 2021. The trustees have adopted the provisions of Accounting and Reporting by Charitie5'. Stdtement of Recommended Prè¢ti¢e applicable to charities preparin8 their account5 in accordante with the Financial Reporting Standard applicable in the UK and Republit of Ireland IFRS 1021 leffeuive l January 20191. OBJECTIVE5 AND ACYIVITIES Obhectlves and aims The relief of sickness. poverty, hardship and distre55, among ch?Idren. young people, their famllies and other persons who aTe Social excluded from society as a result of their speech, language and communicatlon needs, by.. providing a range of servitÈs which include 4dvancin8 their education through the running of a residential Special School and sixth foym centTe. vocatlDnal training. inte8raied therapy, outreach services and advice and support to parents afid families,. and raislng public awareness of the issues affetting thildren. young people and their familles and others with speech, language and communic3tion needs. Ptsbllc benefit The bo8rd of Trustees understands the requirements as set out in Section 17151 of the Charities Act 2011 and takes the view that St Catherine's completely satIsfS all guidance issued by the Cfvailty Commi$510ll Wlth regard to publlc benefiL ACHIEVEMENT AND PERFORMANCE Charltsble adivltles Introduttlon St Catherine's Is a national charity working wlth children alld young PPDplè wilh severe and lifelong speech. language and communication needs and a rnn8e ol associated issues includlng autistic spectrum conditions. dyspraxia and dyslemla. Our aim is to support and enable our children and young people to achieve more than they ever thought possible, To this end, our centre in the hèart ol Ventnor on the Isle of Wi8ht provldes.. specialist education through a school and sixth form college., intensive speech and language therapy and occupathonal therapy which 15 integrated into the curriculum,. resldential care piovision, which supports St Catherine's to deliver a wèking day curriculum, life-relevant ski115 and opportunities to devèlop social Interaction to prepare youn8 people for their transillon to more independent adulthood, an occupational therapy outreach service,. and out-of-school activitie5. Our approach.. svpports ellective le8rnin& builds conlidence and self-esteèm. and reinforcès the importance of providlng wide-ran8inB personal development opportuThitie5. Page I
ST CATHERINE'S- SPEECH AND LANGUAGE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 1021 ACHIEVÉMENT AND PERFORMANCE Charftsble artlvltles Strateglc plan Our Strategic Plan for 2019-2024 is detailed below: Our ahm is to 5UPPOrt and enable our chfjldren and young people 10 3chleve more than they ever thought possible. St Catheflne's is a safe, welcoming and nurturing school whère children and young peoplÈ, fèmilies and staff are included arkd valued e4ualW. Together we provide opportunitie5 for all students io grow in tonfidence and develop a love ol learning both wlthln school and in the wider communlty. All are encouraged and challenged to become as independent as they can to prepare for1Sfe beyond St Catherine'5. We aim to.. provide a fully Integrated programme of education, therapy and care to ensure that each chlld and young person has the very best opportunities tts fulfll their potential within their school career, deliver a holistic yet Individual curriculum that spportS the academic and personal development of eath student through encourdeing responsibility, independeTh and self-awareness and developing resilience aTrd the skills to make positive choices,. promote open and honest communication throughout the school and its wider comffiunity.. set high standaid5 and expectations for all children and young people according to their Individual needs and celebrate diversity by promoting pertonal, soci31, moral. spirStual and cultural development. encouraging creativity. and nSpIrIng Tespect for themselves and others regardless of race. gender, age, religion or cultural belièfs, sexual orientation or disability,. and continu311y develop a professional and approachable staff team who inspire confidence in the 5UPPOrt given to children and young people and their familie5 acro55 all areas of the school. Stratgglc Int•nt Our Cent in the heart of Ventnor provides excellent specialist and integrated education which Includes.. person31ised teaching and learningi intensive speech, language and occupational therapy whbch is integrated into the curriculum, the development of life4elewant skills,. and residentlèl provision. Our strategic intents are four-fold. 1. Stu ents and th r familie We intend to.. increase and 5UStain the number ttf students,. and offer more services to the Island community and a wider range of students and thelr famllles. Page 2
ST CATHERINE'S. SPEECH AND LANGUAGE REPORT OF THE TRUSTEE5 FOR THE YEARENDED 31 AUGUST2021 2. ProvlsSon 5t Catherine's will: be 3 centre of excellence for children and young people with Special Educational Needs and Dlsabilltie5,' and offer outstandlng provision in all areas. 3. Premlses All elements of our environment will be flt for purpose and will support and promote outstanding leamin8. We wtrll maximise the use of all our aet$. 4. Chari The objects of Ihe charity wlll be upheld, namely.. The relief of sickfiéss, poverty, hardship and distress, among chlldren, young people, their farnilies and other persons who are socially excluded from Society as a fesult of their speech. language and communicbtion needs, by.. provldinE a range of services whSch include advancing their education through runnlng of a residential Special school and sixth form centre, vocational tTaining. integrated therèpy, outreach services and advice and support io parents and fam511es' and raising publlc awareness of the issues aflecting children, young people and their families and others with speech, language and communication needs. -In their financial planning and execution, St Catherine's trustees aim to prepare and deliver an annual budget with surplus of at least 2% to contribute towards 3 fund for the continued improvement of the fabric of the School. Performance re¥lew for the perlod 1st September 2020 to 31st August 2021 St Catherfne'5 School and Slxth Form College Across the 2020-21 year. St Catherine's suppofted 73 students a8ed 9 to 19, from the 151È of Wlght and across the LIK through its school and six*h form college. Each of our students has complex special educational needs and each has hislher own I1¥1UalISed edueatlonal and care pro8ramme integrating high quality learnin& speech, language and octupatlonal therapy and life-ielevant skills. The number of day students continues to increase and St Catherine's have adapted to this employlng a Family 8150 Officer, who works dosely wSth the familie5 of local children. Durifig the financial year. St Catherine's had one Ofsted inspection. In july 2021, ofsted undertook a social care inspection which judged the overall residential experiences and progTess of children and young people at 5t Catherine's as good. The report by inspectors noted., 'Children are supported by committed and skilled stall. who clearly understand each child's needs. This is underpinned by the mulii-dt5ciplinary approach to care ènd education, including occupational therapy, speech and language therapy and health need5, ensuring that there Is genuine consistèncy across all settinE5. The stèff's understandin8 of children'5 communication styles and needs allow5 children to learn self-expressioft. share personal choices and become more independent" St Catherine's tontinues to be well-supported by parents. please see below s¢me recent testimonia15 frorn parent5.. Page 3
STCATHERINE'S- SPEECH AND LANGUAGE REPORT OF THE TRUSTEES FOR THE YEAR ÉNDED31 AUGUST 2021 'Slnce joinin8 St Catherinc's September 2020, our son has made very pleasing overall progress with his speech. language and tommunication due to the 5pecialised co-ordinated, inteEfated and individual support he receive5. He is more confident young adult, his anxiety has signific3ntly reduced, and he is now developlng good friendshlps Wlth his peers" "My son is an enviwonment where he has a volce where hls opinion is valued. He feels he belong5 and is part of something very special" 'Yhe Impact of the Speech and Language Team - and the whole sthool approach . has been 5i8nilicant. Our daughtef confidence has increased as she 15 better able to identify and communicate her need5.... She feels heard - and she is happy. Thank you" "Although my d)Ild has only been at St Catherine's for half a term. thanks to the stalf at the school, she's settled in really well and loves her new school. Already, I can see some improvements iy¥ heT speech and tokierence and thi5 in just 6 week51 Both my thikl and l are very excited to have joined St Catherirte's and look forward to makin81ots more progre55 in the future" "St CatherSne's nurturlng has w'ven me a chlld who is happy and a joy to be around". Changes to Trustee Board Withift the year, there has been signifltant changes to our trustee board and a concerted effort has been made to recruit mole trustees to the boaril who have a wide range of skills and experlences to strengthen the board. Please see below a list of our trustee board and the experiencè that have brought to the Board-. Dudley Delannoy Trustee/Governo Elected Care Agency Consultant, Formerly Vice Chalr at Rowan's Hospice. safeguarding Director 4 Youth in Hampshire, Qualified 5oclal Worker an¢J Registered M3nager Award Peter Elliott Elected TrusteelGovernoT Chartered Clinical 3nd Health Psychologist, Senlor Lecturer at University of Southampton, trustee of IOW Youth Trust, trustee ol the British Association for Behavioural and Q>gnitive Psychotherapv Tony Flower Elected Trustee/Governor Chartered Surveyor Martyn Heather Elected TfUStee/Governor Former PE Teacher and School Senior Leader, Professional football club academy dlrector, most recently Head ol Education and Welfare at the Piemler League Hayleyjarvis Elected Trustee/Governor Head of English and Llteracy at M3nor Green School ISEN school in Maidenheadl Page 4
ST CATHERINE'S- SPEECH AND LANGUAGE REPORT OF THE TRUSTEES FOR THE VEARENDE031 AUGUST2021 Barbara Kelly Appolnted Trustee/Governor Former Specialist leamln8 5VPPOrt tutor with thirty years experlence in wofkin6 with Dyslèxic, DyspraxiclDCD and ASC adults in further and hi8her Education. Prevlously a member of the Executive Committee Df the Association of Dy51exia Specialists in Higher Education IADSHEI with particular research fDCUS on Women and Dyslexia, Screening for Dyslexia in Prelingually Deaf Adults and Visual Instability and Dyslexla. Receivèd the ADSHE Research anil Innovation Award in 2019. Dan Kitcher Elected rrusteelGovernor QualtY Management and Health, Safety & Environment Manager & Audittsr. formor Schogl Govefnor of two Hampshire special schools. Son Is ex-studenl of 5t Catherine's College and Post-19. Sarah Loftus Elected Trustee/GDvernor Former Science Teacher, Former Marketing Consultant for Independent Schools John Metcalfe Elected Vice Chair Chief Executive for the151e of Wight Council Graham Pengelly Elected Chair of Governor5 Chartered Civil Engineer. Over 30 years experience as Éovernorltrustee on variou5 Island Primary, Middle, High and Special Schools, some as Chair. Extensive experience in construction/service industry at Director level. Clive Powe Appolnted Trustee/Governor Fomier manager of re8l5tered care home for adults with learnin8 di5abilltles Caroline Weeks Appointed Tru5tee/Govemor Formertranslator, governor at 5halfleet and Yarmouth Federation Schools Roger Wih5hirè Parenl Governor Heads UP the European legal team for 3 US company where he ha5 been for 8 years. PrSor to that he w35 at BAE Systems. Ro8er'5 son Jonny has been 3t st Catherine's for the last 6 years and is now In the sixth for Pa8e 5
5T CATHERINE'S- SPEECH AND LANGUAGE REPORT OFTHE TRU5TEE5 FOR THE YEAR ENDED 31 AUGUST 2021 In additlon to its provision of speciallsl educatlon via the school and sixth form college, durin8 the year the charity ontSnued to diversify its services, including.. -the COT)tinued developmènt of occupational therapy outreach services for local young people, with assessrnent and illterventions commissioneij by the Isle of Wight local authority and prwately as well as the provision of training sessions lor schools and other in5titutlons; -part grant funded piogramme of holiday courses for student5 Wlth additional need5 SUPPOrted by Co-op Local Community Fvndin8.' -summer holiday letting5 of the off-site residential houses,. and -supportln8 a local town council to run Its Summer Moliday programme through room hiring. FINANCIAL REVIEW Finantlal Posltlon Total Income for the year to 31 August 2021 was £3,632.52012020.. £3,162,205) afid total expendituTe in the year wa5 £3,358,60512020- £2,780,170I. Total assets as at 31 August 2021 We £3,648,88912020'. £3,374,23113nd total liabilities weTe £179.917 12020.. £179,174) The Charity reports an overall surplus for the year, before other recogni5ed gains and losses, of £273.915 12020.. £382,035). A surplus of £235,26212020.' £260,8561 was from unrestricted funds and a surplus of £38,65312020.' £121,179) was from restricted funds. Total fund5 to carry forward at 31 August 2021 were £2,427,972 12020.. £2,154,057) of which £2,195,968 12020.. £1,960.7061 were unrèstricted funds and £232,)4 12020.. £193,351) were restricted funds. Designated funds within unrertrScted funds atvK)unted to £1,005,01312020'. £1,012,188). Details of designated funds arè included in note 16. Capitsl commitments amounted to £513,000 * the year end for the acquSsition of student accommodation, which completed in October 2021. Pgnsion deflclt The dccounts show a pension scheme deficit based on a'flnal cessation valuation" of £1,041,00012020.' £1,041,000> as we ceased as an employer in the fund on 31 August 2019. We are seeking readmittance to the penslon scheme which we believe will be approved meaning that ihe liability wlll be recalculated to an ongoing basis for the year eh(Jed 31 August 2022 if we ale Successful. Fundralslnm The charity organises a number of its own fundrai5inÉ events or 51APPOlts third-party event organisers, but ljoth have been limited by the pandemic. No professional fundraising organisations, aEency or commerclal participator h3s been or wlll be employed, as a matter of current pollcv. The Charity is registered wlth the Fundraising Re&tator and conforms to its Code of Stand3rds. It also complies with guidelines published by the Charity Commission and the Institute of Fut)draising. The Charity monitors fundraising on Its behalf by attendance at events, or where public collections are being made, by identlfy checks on collectors, issuing clear guidelines on practitss and instructions for remitting funds, and issuing letters and badges of identification with contact (Jetails for the chai+ty. No cornplaints regarLlin8 fundraising were YecÈived during the year. Page 6
CATHERINE'S- SPEECH AND LANGUAGE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31AUGU5T 2021 Reserves poIIcv In its fihancial planning and execution, St Catherine's trustees aim to prepare and delive¥ an annual budget with a surplus of at least 2% of total income to contribute towards the aim of building reserves equating to one term's operaling costs. The charity's 3udi(ed accounts fof the year enéhnB 31 August 2021 show.. an operational year end surplus of £273,915 lequivalerht to +7.5% of total income),. and free reserves of £1,190,955 which represents 106% of i term's operating costs ol £1,119.535 As part of the charity's over311 risk Management strategy, trustees will continue to monitor c105ely the general reserves, fund with a VIEW to achieving a p051tlon equivalent lo one term's operating costs, including reviewing assets currently held wbth a view to converting surplus assets into C35h resour5. FUTURE PLAN5 The Impact of the OngoingG)ronavlrus Pandeml During the coronaviru5 pandemic which Started In Spring 2020, as per Governmeni guldance St Catherine's Mained opened to it5 51udents and provided a ri]nge of home le8rnlng resour5 lor Students who did not attend school. Business Continuity Plafi and risk assessment. with the latest Government guidance, were applied to ensure the safe running of the school. Our fflain source of funding- student fee5 from Local Authorities- has been unaffeded and we have not ftsrloughed 5t3ff. The one linancial area that has been negativety affected is Dur fundraised income, as the restriclions have meant that fundraising events have been tsnable to go ahead. while some grani funde have diverted their efforts to support cav5e5 directly afferted by thè outbreak. Future developments As det3lled In our previous report, during this year the charity's Post 19 Service was convèrtetg into a specialist post 16 institution and a new company was set up. St Catherlne's Speeth ènd Language for Adult5 and Youn8 Adults, This company is a wholly-owned subsidiary of St Catherine's- Speech and Language an¢J began irading in September 2021. As such, the accounts to year end August 2021 include a contrlbution from this service, however, from September 2022 this service will have separate audited accounts. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charity is cpntrolled by its governing document a deed of tTU5t, and constitutes a limited company. Ilmited bv guarantee. as defined by the Companie5 Act 2006. Recrultment and appoTrntment of new trustees Trustees are recruited openly and thiough recommendation from appointlng bodie5 aad through parentlfamily represetation. In addition to this the board has two staff elected governors. The appolntlnB bodies are a5 follow5.. -The Bishop of Portsmouth -The Portsmouth Diocesan Educatton Committee The Isle of Wight Local Authority The Isle of Wight College Elected tru5tee5 are, after nomination, elètted by majorlty vote. Staff govemors are nomlnaled, seconded and lif neededl voted foK by the staff body. Parent governo/trustees are parents of chlldren either aL or recently at, st C3therine's. The day to day management of the charity is the responsibility of the prinupal. Page 7
ST CATHERINE'5- SPEECH ANO LANGUAGE REPORT OF THE TRUSTEES FOR THE YEAR ENDED31AUGUST2021 The Pay Commlttee has reSpOnsbIlItY for setting the rernuneration of Key management personnel In line with indstry standards. Inductlon and tralnln8 ol new trustèes All new trustees and governors receive induction training and training during the year on the work ol the Charity and on 5peciflc issues. Some of thls trainlng is combined with staff training. STRUCTURE, GOVERNANCE AND MANAGEMENT Risk Management The trustees have a r¥sk management 5trate8y which comprises.. Regular rewlew5 of the risks the Charity may face,. The establishment of Systems and procedures to mitigate those risks identlfled in the review5.' and The implementation of prOdureS designed to minimise any potential impact on thè Charity. should those risk5 materialise. REFERENCE AND ADMINISTRATIVE DETAILS Re8lStered Company number 01757474 (England and Wales) Reglstered Charity number 288148 Re8lstered offl¢e Grove Road Ventnor Isle of Wlght P038 ITT Truste Elizabeth Bowen Iresigned 3118120211 Catherine Daish-miller Ire5igned 1911120211 AnthOY Flower PaulineJame5 Iiesigned 3V8120211 Daniel Kitcher John Metcalfe sally Moore (resigned 5111120201 Graham PÈngellv Linda Pratley Iresi8ned 3ty8120211 Samantha Rooney Ifesigned 2018120211 Adam F¢iel (resigned 3118120211 Sarah Loftus lappointed 16111120201 David Wearin8 lappointed 16111120201 Iresi8ned 17111120211 Peter Elliott (appointed 27111120201 Dudley Delannoy lappoited 1617120211 Martyn Heather (appointed 1617120211 Hayley Jarvis lappointod 1617120211 Caroline Weeks (appointed 1617120211 Julia Kelly lappointed 1617120211 Clive Powe (appointed 1617120211 Page 8
ST CATHERINE'S- SPEECH AND LANGUAGE REPORT OF THE TRUSTEES FOR THE VEARENDED31AUGUST2021 Staff Appolnted Governors Jane Marriot- resigned 3110812021 nlor Mana8Ément Team Sarah ThorrpsDn Jenv Snaith - appointed 01.09.2020 Jane Marriott- resigned 31.08.2021 Victoriè fvliddleton- appointed 26.08,2021 Nes Fradgley Kayleigh Sp3rke5- appointed 01.09,2020 Tom Evans Becky Revert Zoe Janvrin Susan Graves Vite Prlntlpal Head ol Care Head of School Head of Sixth Form Head of Occupational Therapy Head of Speech and Language Therapy Head of Finance Marketing and FundraisTrng Manager Company Secretary Zoe Janvrin Audltoys Bright Brown Llmrted Chartered Accountants Statutory Auditor Exchange House St. Cross Lane Newport Isle of Wight P030 56Z Bankers NatWe5t 135 BishopsÈate London EC2M 3UR IMPACT OF THE CORONAVIRUS PANDEMIC During the coronaviru5 pandemic which Started in Spring 2020, as per Government gu¢d3Nce St Catherine's rem3ined opened to its students and provlded a range of home learning resources for students who did not attend School. Business Continuity Plan and risk assessment were applied to ensure the safe runnlng of thp school. Our main Sour of funding- student fee5 from Local Authorities has b@.en un3ffÈcted and we have not fvrlouBhed staff. The one financial rea that has been negatively affected is our fundraising income, as the restrictions have meant that fundraising evenls have been un3ble to 80 ahead, while some grant funders have diverted theii effort5 to support causes direct sff@cÉed bv the outbreak. A5 well a5 affeUin6 income, the Covid outbrèak also affected expenditure as staff vacancles, which were budgeted for remained unfilled anij planned maintenance was put on hold due to Contracto closing due to the natlonal ockdown in Spring 2020. With this in mind, the 5urplu5e5 detailed In these account5 3rÈ unexpectedly high and we do not anticipate sud) surpluses in subsequent years. STATEMENT OF TRUSTEES, RESPONSIBILITIES The tru5tee5 (who are also the direttors of St Catheiine's - Speech And Language for the purposes of cornpany lawl are responsible for preparing the Report of the Trustees and the financial 5taiements in accordance with applicable low and United Kingdom Accountlng Standards (United Kingdom GeerallY Accepted Accounting Practi¢el. Page 9
ST CATHERINE'S- SPEECH AND LANGUAGE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGVST 2021 sfATEMENT OF TRUSfEES' RESPONSIBILITIES. contlnued Company law requires the tru5tee5 to prepare linantial statements for e8ch h'nancial year which give a true and lair view ol the State of affair5 of the ch3ritablp tompany and of the incomin8 resources and application of resource5, including the Income and expendlture, of the charitable company for that peTiud. In prepaTin8 those finantial atements. the trustees are required to select sultable accountlng policies and then apply them con515tentlyi obseNe the methods and prlnciples In the Charity 50RP,. make judgements and estim3te5 that are reasonable and prudent, prepare the financial statements on the 8oin8 contèrn basis unless It 5s Inappropriate to presume that the charitable company will continue in business. The trustees are reswjnsible for keepln8 proper accounting rectsrds which dScIO$e with reasonable accuracy at anv time the financial position of th& charitable company and to enable them to ensure that the financial 5tatementS comply with the Companie5 Act 2006. They aFe a150 regptsnsible for safe8uardingthe 85sets of the charitable company and hence for taking reasonable steps forthe prevention and detection of fraud and other irregulartties. In so far a5 the trustees are aware.. there is no relevant audlt Information of which the charitable company'5 auditors are unaware,. and the trustee5 have taken all 5tep5 that they ought to have t3k&n to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information. AUDITORS The audilor5. 8ri8ht Brown Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. Thi5 report has been Pfepared in accordance with the 5p*ial provislons of Part 15 of the Companies Act 2006 relhting to Small companie5. Approved by order tsf the board of trustees on .. Graham Pengelly- Tr ee Page 10
REPORTOF THE INDEPENDENT AUDITORSTOTHE MEMBERSOF ST CATHERINE'S- SPEECH ANO LANGUAGE Opinlon We havp. audlted the financial statement5 of St Catherine's - Speech And Language Ithe '¢harltable company'l for the year ended 31 Au8USt 2021 which cornprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in thelr preparation Is applicable law and United Klngdom Accountlllg standards Iunited Kingdom Generally Accepted Accounting Practi1. In our opinion the financial statemevTrt5'. give a true avid fair view of the state of the charltable company's affaiTS a5 at 31 August 2021 and of Its Sncoming resources and application of resources. including it5 income and expenditure, for the year then ended., have been properly prepared in accordance wlth United KinÈdom Generally Accepted Accountin8 Practice,. and have begn prepared in accordance with the requirements of the CDmpanies Act 2006. Ba51s for oplnion We conducted our audit in accordance with Internatlonal Standards on Audltin@ IUKI IISAS IUKII and applicable law. Our responsibilitie5 under those standards are further described in the Auditors, responsibilities for the audit of the financial 5tatEmentS section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to ovr audlt of the finan¢ial statements in the VK including the FRC'S Ethical standard. and we have fulfllled our other ethlcal responsibilities in accordan with these reouirèment5. We believe that ihe audit eviden wè have obtained is sufficient and appropriate to providè a basis for our opinion. Concluslons relatin8 to golrtg concern In atsditing the finantial statements, we have con¢lutJed that the trustee5' use of the goin8 conceTn basis of a¢£ounting In the preparatlon of the financ131 statement5 is appropTlate. Based on the Work we have perforrned, we have not identified any materlal uncertainties velaiing to events or condition5 thal, individually or collectively, may cast signifi¢)nt doubt on the charitable company's ability to continue as a 80ing conrn for a period of at least twelve months from when the financlal statement5 ale authorlsed for issue. Our responsibilities and the respon5ibilitie5 of the trustees wlth respect to going concem are described in the relevant sectlons of this repoft. Other Information The trustees are responsible for the other information. nie other inforfflation comprises the information indvded in the Annu31 Report, other than the flnancial statement5 and our Report of the Independent Audltors thereon. Our opinion on the financial statement5 does not cover the other information and. except to the extent otherwisè èxplicitly stated in our report, we do not exprÈs5 3ny form of assurance conclusion thereon. In connèctlon with our dudit of the financial statement5, our responsibility is to read the other information and, in dc*ing so, consider whether the other information is materially incon515tent with the flnancial statements or our knowledge obtained in the audit or otherwise appear5 to be materially misstated. If we Identify such material inconsistencies or apparent m(Iterial misstatement5, we 3re required to dete¥mine whether this gives rise to a matefial misstatement in the finanelal statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are requifed to report that fact. We have nothing to report ihls re8ard. Opinlons on othér matters prescr5bed by the Companles Art 2006 n our opinion, based on the work undertaken the course of th& audit.. the information given in the Report of the Trustees for the financial year for which the financial ststements are prepared is conslstent with the financial slatements,. arbd the Report of the Trustees has been prepared in actordance with applicable legal requirements. Page 11
REPORTOFTHE INDEPENDENT AUDITORSTOTHE MEMBERS OF ST CATHERINE'S- SPEECH AND LANGUAGE Matter5 on whlch we arè requlred to report by exceptlon In the light of the knowledge and understanding of the charitable cDmpany and it5 envlronment obtained in the course of the audit, we hève not identified material misstatements in the Report of the Trustees. We have nothlng to report in respert of the lollowing matters where the Companies Act 2006 requires u5 to repDrt to vou If, in our opinion.. deguate accounting records have not bèen kept or returns adequate for our audit have not been iecÈlvÈd from branche5 not visited by us., or the financTr31 siatements are not in agreement with thÈ accounting records and returns,. or certaln disclosure5 of twstees, remunÈration specified by law are not made,. or we have not received all the Information and explanhtions we require fo¥ our audit,. or the trustees were not entitled to take advantagè of the small companles exemptittn from the requirement to prepare a Stiategic Report or in prepailng the Report of the Trustee5. Responsibllltles of trustees As explained more fully in the Statement of Tru5tees' Responsibilities, the trustees Iwho are a15Q the dlrectors of the tharitable company for the purposes of ctsmpany lawl are responslble for the preparation of the financlal statement5 and for being satisfied that they give a tre 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 mi55tatement, whether due to fraud or erroF. In preparing the financial statements. the trustèès are responsible for assessing the charitable company's ability to continue as a going concern, di5cltssing, as applicable, matters related to going Cohcern and using the Boing concern basis Df accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistlc alternativè buf to do $0. Our responsibilltie5 for the audlt of the financlal statements OUT objedives are to obtain ieasonable assurance about whether the financial stJtemÉnts as a whole are free from material misstatement, whether due to fraud or g.rror, and to Issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of a55urance, but 15 not a guarantee that an audlt conducted in accordance wilh 15As IUKI will always detert a material misgtatèment when it exists. Mlsstatement5 can arise fiom fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected tts influence the ecgnomic decision5 of users taken on the basls of these linantial staiements. IrreBularlties, including fraud, afe instances of non-compliance wilh laws and regulations. We design procedures In line with our responsibilities, Qutllned above, to detect material misstatements in respect of iiregularitles, including fraud. The extent to which our prodUleS are capable of detecting irTe8ularitie5, including fraud is detallèd below: As part of planning our audit we determined materiality and assessed the fisks of material mi55tatement In the financial statements. BasÈd on our understanding of the charitable Company. the princip31 rlsks are that of managèment tsverride of controls, potential fraud In revenue recognition, existence and recovery of trade debtors and the interptatIon of relevani disclosures surrounding defined benefit penslon schemes. The engagement team considered these risks and audit procedure5 were undertaken as follows.. Discussions with manhgemÈnt regarding the ability to overrlde controls and review of processes in place tg confirm no override had occurred. Extension of sample Sizes relating to revenue recognition and trade debtors. RÈview of management lournals. Review of flnancial statement dlsclosures, including completion of a relevani disclosure checklist. Theie are inherent limitation5 in the audSt procedures described abovÈ, and the further removed non-compllance wlth laws and regulatitsns is from events and transactions reflected in the financlal slatements, the le55 Ilkely we are to become aware of it. The rlsk of not detecting a material misstatement due to fraud 15 higher than the iisk of not detecting one resulting from error, as fraud may involve dellbefate concealment or inrentional misrepresentations. Page 12
REPORTOFTHE INDEPENDEMfAUDITORSTOTHE MEM8ERS OF STCATHERINE'S. SPEECH AND LANGUAGE A further destrlption of our responsibillties for the. audit of the financial statements Is located on the Finantial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditor5. Use of our report Thi5 report is made solely to the charitable company'5 member5, as a body, in accordance with Chaptef 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we ¥night state to the charitable company's members those matters we are required to state to them in an auditors, report and for no other purpose. To the fvllèst Èxtent permitted by law, we do not accept or assume Fesponslblllty to anyone other that) the Charitable company and the charitable Company's members a5 a body, for our audit work, for this report, or for the opinion5 we have formed. Oavid Stevens ACA (Senior Statutory Auditor) for and on behalf of Bright Brown Limited Chartered Accountant5 Statutory Auditor Exchange Hov5e St. Cross Lane Newport 151e of Wight P030 58Z Date.. PaEe 13
ST CATHERINE'S- SPEECH AND LANGUAGE STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNn FOR THE YEAR ENDED 31 AUGUST 2021 2021 Total fund5 2020 Total funds Unre5trirled fund5 Restricted fund Notes INCOME AND ENDOWMENTS FROM Donations and legacies 37,026 207,432 244.458 164,689 Charitable actlvlties Educational services 3,358,850 3,358,850 2,961,789 Other trading actlvitie5 Investrnent illcome Other intome 29,166 46 29,166 46 25,618 589 9,520 Total 3,425,088 207,432 3,632,520 3,162,205 EXPENDITURE ON Raising funds 58,370 58,370 60,476 Charltable artlviiles Educational services 3,131,456 168,779 3.300,235 2,719,694 Total 3,189,826 168,779 3,358,605 2,780,170 NETINCOME 235,262 38,653 273,915 382,035 RECONCILIATION OF FUNDS Total funds brought forward 1,960,706 193,351 2,154,057 1,772,022 TOTAL FUNDS CARRIED FORWARO 2,195,968 232,004 2,427,972 2,154,057 The notes form part of these financlal statements Page 14
ST CATHERINE'S- SPEECH AND LANGUAGE BALANCE SHEET 31AUGUST ZOII 2021 Total lund5 2020 Total funds un$t[1(ted fund5 Restrlcted fund Notes FIXEO ASSETS Tan8ible ass@ts 13 1.874,807 1,874.807 1,503,188 CIJRRENT ASSETS Debtor5 Cash at bank 14 1,132.286 4a9,792 1,132,286 641,796 1,193,860 677.183 232,004 1,542,078 232,004 1.774,082 1,871,043 CREDITORS Amounts falling due within one year 15 1179,9171 1179,9171 1179,1741 NET CURRENT ASSETS 1,362,161 232,004 1,594,165 1,691,869 TOTAL ASSEtS LESS CURRENT LIABILITIES 3,236,968 232,004 3,468,972 3,195,057 PENSION UABILITY 17 11,041.0001 11.041,0(101 11,041,0001 IIEY ASSETS 2,195,968 232,004 2,427,972 2,154,057 FUNDS Unrestricted funds RestriEted funds 16 2,195.968 232,004 1,960,706 193,351 TOTAL FUNDS 2,427,972 2,154,057 These financial 5tatement5 Ikave been prepared in accordance with the prov$105 appllcable to charitable companies subject io the small companies regime. The fin ncial statemÈnts were approved by the Board of Trustees and authorised lor issue on ..'21.. and were signed on it5 behalf by.. Graham Pengelly-Tr The notes form part of these financial 5tatement5 Page 15
ST CATHERINE'S- SPEECH AND LANGUAGE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2021 2021 2020 Notes Cash flows from operatlng actlvlties Cash generated from operations 432,722 384.318 Net cash provided by Operati activities 432,722 384,318 Cash flows from investlng aetlvltles Purchase of t3n8ible fixed assets Sale of investment property 1468,1091 1122,9521 260,000 Net cash lused inllprovided by investlng activities 1468,1091 137,048 Change In cash and cash equSvaleTrts in the reporting perlod Cash and cash equivalent5 at the be8lnnlng of the reportlng perlod 135,3871 521.366 677,183 155,817 Cash and cash equlvalents at thè end of Ihè reportinK pèriod 641,796 677,183 The notes form part of thesè financial statemenis Page IS
ST CATHERINE'S- SPEECH AND LANGUAGE NOTES TO THE CA514 FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2021 RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING AcfiviTIES 2021 2020 Nèt Income for the reportlng perlod la5 per the Statoment of FInala1 Activltiesl Adlustmènts for: Depreciation charges Decredsellincreasel In debtors Increase in crèditors 273,915 382,035 96,490 61,574 743 88,474 1115,4631 29,272 Net cash provlded by operatlons 432,722 384,318 ANALYSIS OF CHANGES IN FUNDS Al 1.9.20 Cash flow At 31.8.21 Net cash Cash at bank 677.183 135,3871 641,796 677,183 135.3871 641,796 Total 677,183 135,3871 641,796 Thè notes form part of these fbnanclal statements PagÈ 17
ST CATHERINE'S- SPEECH AND LANGUAGE NOTE5 TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 ACCOUNTING POLKIES Basls of preparfnE the financial Statements The financial statements of the charitable companyi which 15 a publlc benefit entity under FRS 102, have been prepared in accardance with the Charities SORP IFRS 1021 'Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their acrounts in accordancè with the Financlal Reportin8 Stand3rd applicable In the UK and Republic of Ifeland IFRS 1021 leffÈctive I larbuary 20191,, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006. The financial statements have been prepared undei the historical tost convention. The charitable company is ie8istered in England and Wales and is Ilmited by guarantee without share capital. The Yegi5tered office address i5= Grove Road, Ventnor, Isle of Wight, P038 ITT Income All income Trs recognised In the Staternent of Flnancial Activities once the charity has entitlement to the funds. it is probable ihat the income will be ceiVed and the amount can be measured reliably. Voluntary Income Oondtion5 ale recogni5ed In the Statement of Financial Activities on¢e the charitablè company has entitlement to the fund5, il is probable that the income will be received and the amount can be measured reliably, thi5 IS generally upon receipt Df the donation. Grants and pupil PfÈmium income is recognised when unconditional element to the irbcome is passed to the charitable company. Where there alè performance related terms and tondiiions that must be met before unconditional entitlement passes to the charltable company, the income 15 recogni5ed once it is hlghly probable that these will be met. Where no such conditions are in plèce the incomè is recognised when it is received. Actlvitles for generatlng funds This conslsts of shop income and accommodailon Income. The shop Income is recogni5ed in the Statement of Flnancial Artivities, net of VAT whèn the goods are delivered. Accommodatlon In¢ume is recognised based on the date of the stav. Investment Income Rental income Is recognised in the peiiod to which the rental income relates. Incomlrtg Resources from Charftable Artlvltles Income from charitable actlvlties is recognised, net of VAT and all oiher sales taxes when the services are provided. Thi5 consists of School fees income payable by the guardian of the chlldren or the local authorily. Expendlturè Liabilities are recognised as expenditure as soon as there is a legal or ¢onstructive obligation committlng the charity to that expenditufe. it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been cla55ified under hea(JfjnBs that aggregate all cost related to the category. whe.re costs cannot be dlrectly attributed to particular headings they have been allocatèd tts activlties on a basis consistent Wtth the usè of reSoUrs. Tan8lble flxed èssets Depreciatlon Is provided at the following annual rates in order to write off each asset over it5 estimated useful Freehold property Long leasehold not provided Over the peritrd of the lease Page 18 continued...
ST CATHERINE'S- SPEECH AND LINGUAGE NOTES TO THE FINANCIAL 5TATEMENTS- contlnued FOR THE YEAR ENDED 31 AUGUST 2021 ACCOUNTING POLICIES- contlnued Tanglble fSxed assots Improvemenis io property Plant and machinery Straight Ilne over 3 50 years Straight line over 3- 50 year5 It is the charity's policy not to depreciatè freehold property as the trustees believe they are held in good repair and annual ifmprovements are carried out. The trustees consider thSs PDllcy best reflects the value of freehold propeTty. Investment property Investment property 15 shown at the most Yecent valuation. Any aggregate Surplus or deficit arising from changes in fair value In transferred to thè revaluation re5eTVe. Depreciation is not provided in respect of inve5trnent properties. This pulicy complies with the requirements of FRS 102 and the Charities SORP however It represents a departure from the requirement5 of the Companie5 Act 2006, which require5 depreciation to be provided. The trustees consider that this pollcy Is necessary in order that the accounts mav Blve a true and faiT view. Taxation The charity is exempt from corporation tax on its charitable activities. Fund accountlng Unfgstricted lunds can be used in accordance with the charStable objectives at the d15cretion of the trustees. Restrlcted funds can only be used for particular restricted purposès within the objects of the charity. Restriaions arise when specified by the donor or when funds are raised for particvlar restricted purposes. Further explanation of the nature and purpose of each fund included in the notes to the financial statements. Hire purchase and leasing commltments Rentals paid under operating leases are chaf8ed to the Statement of Flnancial Activities on a Straight Ilne blS over the peylod of the lease. Penslon costs and other post-retirement beneflts The Charlty operates three staff pension schemes providlng benefits based on final pÈnsionable pay a5 follows-. lil Teacher's Pension Scheme Thls is a statutory, contributory final salary scheme. It is an unfunded scheme which is provided for by the Superannuation Act 1972 under which retirement and other supeiannuation benefit5 are paid out of monles provided by Parliament. lill Isle of Wight Council Pen510n Fund This is a Lotsl Government Ponsion Scheme run by the 151e of Wlght Council as administering authority. The Fund is maintained by the Isle of Wight Council under regulations made under the Superannuations Act 1972. As the scheme 15 set up by statute, payment of the scheme benefits 15 guaranteed by law. Contribution5 foi both schemes are tharged to the Statement of Financial Activities so as to spfead the costs of pensions over employees, working lives with the organisation. Any 3ctuarlal gains or losses relating to the scheme is recognise.d in the Statement of Financial Actlvities in accordance with FRSIO2. liiil Scottish Equltable group Personal Pension Scheme The Charity has set up a separate Group Pewsonal Pension Scheme. This is a defined contribution scheme In whlch the contributions are being charged to thè Statement of Financial Activities so as to spread the cost of pensions over the employees, working Ilves with the organbsation. PaBe 19 continued...
ST CATHERINE'S- SPEECH AND LANGUAGE NOTES TO THE FINANCIAL STATEMENTS. continued FOR THE YEAR ENDED 31 AUGUST 2021 DONATIONS AND LEGACIES 2021 2020 Donations Gift 3ld Fundraising activitles Grants 12,863 3,727 13,998 213,870 34,182 6,465 11,795 112,247 244,458 164,689 Grants received, included In the above, 3¥e as follows.. 2021 2020 Education Funding Agency- Devolved Formula Educalion Funding Agency- Bursary Fund Education Funding Agency- Pupil Premium Education Funding A@ency- Spgrt5 Premlum Education Funding Agency- Teachers Pay Education Funding Agency- Teachers Pension Scheme Educ3tion Funding Agency- Covid Catth-up Premium Isle of Wight Counol COVID Buslnes5 Support Isle of Wi8ht Council- Contain Outbreak Management Fund 151e of Wight Council- Summer School Isle of Wight Councll Winter Grant Stheme Co-op Local Community Fur)d other Minor Grants 62,791 1,766 13,731 11,525 4,375 29,097 59,895 12,336 8,000 2,100 1,584 2,233 4,437 31,172 2,523 14.825 7,0( 12,250 33,946 10,000 531 213,870 112,247 OTHER TRADING ACTIVITIES 2021 2020 Shop income Accommodation, rent and other Sncome 6.106 23,060 4.600 21,018 29,166 25,618 Page 20 contlnued...
STCATHERINE'S- SPEECH AND LANGUAGE NOTE5 TO THE FINANCIAL STATEMENTS- contlnued FOR THE YEAR ENDEO 31 AUGUST 2021 INVEsfMENT INCOME 2021 2020 Investment income 46 589 INCOME FROM CHARITABLE AcllviTIES 2021 2020 Activity School fees- Private and local authorlty funded School fees- EFA funded P05t 19 income Educatlonal gervices Educational servlces Edutational services 2,130,498 605,833 622,519 1.791,699 691,667 478,423 3,358,850 2,961,789 RAISING FUNDS Ralsing donatlons and legacles 2021 2020 Staff costs Books, materials and Small equipment 51,294 5.297 49,893 4,116 56,591 54.009 Other tradln8 artlvltles 2021 2020 Shop expenses 1,779 6,467 A8greg3te amounts 58,370 60,476 Page 21 contlnued...
ST CATHERINE'S- SPE ECH AND LANGUAGE NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 AUGUST 2021 CHARITABLE AcTIVlEs COSTS Support cost5 (see note 81 Direct Costs Totals Educatlonal Servi5 2,706,637 593,598 3.3,235 SUPPORT COSTS Governance costs Other Totals Educational servlces 557,824 35,774 593,598 Support costs con55st of the day to day running c05ts of tbÈ charity. Material support cost5 include geneial repairs to the property, depieciation charges, gès and èlectricity charges and food supply costs. INCOMEIIEXPENDITUREI Net incomellexpenditurel 15 Stated after chargingllcreditingl.. 2021 2Q20 Auditors, remuneration Auditors, remuneration for non audlt work Oeprecialion- owned assets Other operating leases 5,310 3,050 96,490 2,466 4.930 2,910 88,474 29,945 io. TRUSTEES. REMUNERATION AND BENEFITS No trustees received any remuneration or other benefits for the year endèd 31 August 2021 nor for the year endèd 31 August 202Q. Trustees, expenses During the year total expenses paid on behalf of trustees amounted to £nll12020 .. NIII. Page 22 ontinuèd.
ST CATHEAINE'S- SPEECH AND LANGUAGE NOTES TO THE FINANCIAL STATEMENTS- tontlnued FOR THE YEAR ENDED 31 AUGUST 2021 ii. STAFF COSTS 2021 2020 Wages and 5alarlès Social securitv Costs Other pension costs 2,190.608 179,609 176,866 1,814,546 142.344 106,080 2,547,083 2,062,970 The average monthly number of èmployee5 during the year was as follows.. 2021 43 2020 43 50 Full time Part time 93 93 The number of employees whosè employee beneflts (excluding employer pension c05tsl exceeded £60.000 was= 2021 2020 £80,001- £90,000 The princlpal is con5i(lered key management personnel. The total employee beneflts for this post were £81,793. 12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTlVtriES Unrestrictèd funds Restricted fund Total funds INCOME AND ENDOWMENTS FROM Dornatlons and legacies 37,167 127,522 164,689 Charltable actlvlties Educational services 2,961,789 2,961,789 Other tradlng activities Investment Income Other income 25,618 589 9,520 25,618 589 9,520 Total 3,034,683 127,522 3,162.205 EXPENDITURE ON Ralslng fund5 60,476 60,476 tharltable actlvitle5 Edurational services 2,713,351 6,343 2,719,694 Total 2,773,827 6,343 2,780,170 Page 23 Continued...
ST CATHERINE'5- SPEECH AND LANGUAGE NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 AUGUST 20ZI 12. COMPARATIVES FOR THE STATEME1 OF FINANCIAL ACTIVITIES- continued Unrestricted funds Restricted fund Total fund5 NET INCOME 260,856 121,179 382,035 RECONaLIATION OF FUNDS Total funds brought forward previously rèported Prior year adjustment 2,000,850 1301,0001 72,172 2,073,022 1301,0001 As fe5tated 1,699,850 72,172 1,772,022 TOTAL FUNDS CARRIED FORWARD 1,960,706 193,351 2.154,057 The above note shows the Statement of Financjal Actfjvlties, split by fund, for the year ended 31 August 2020. 13. TANG18LE FIXED ASSETS Improvements to propeTty Freehold property Long leasehold Plant and machinery Totals COST At I September 2020 Addilions 372,032 16,479 350,789 1,418,742 80,717 1,246,625 36,603 3,053,878 4b"8,109 At 31 August 2021 372,032 367,268 1,499,459 1,283,228 3,521,987 DEPRECIATION At I September 2020 Charge for year 16,479 2,807 482,146 36,390 1.052,065 57,293 1,550,690 96,490 At 31 August 2021 19,286 518,536 1,109.358 1,647.180 NET BOOKVALUE At 31 August 2021 372,032 347,982 980,923 173.870 1,874.807 At 31 August 2020 372,032 936,596 194,560 1.503,188 Page 24 continued...
ST CATHERINE'S- SPEECH AND LANGUAGE NOTESTO THE FINANCIAL STATEMENT5. continued FOR THE YEAR ENDED 31 AUGUST 2021 14. DEBTORS.. AMOUNTS FAWNG DUE WITHIN ONE YEAR 2021 2020 Trade debtors Other debtors Accruetl income Prepayrnents 981,504 67,507 34,305 48,970 1,025,759 27,227 110,476 30,398 1,132,286 1,193,860 Of the £981,504 of trade debtors, the charlty has recelved £641,759 between the balance sheet date antl the date that the Trustees, repolt ha5 been approved. 15. CAEDITORS., AMOUNTS FALUNG DUE wNIN ONE YEAR 2021 2020 Trade creditors Social sècurity and other taxes Other creditors Accruals and deferred incorne 19,111 77,133 39,035 44,638 46,327 71,499 48,405 12,943 179,917 179,174 16. MOVEMENT IN FUNDS Net movement in fund5 Transfers between funds At 31.8.21 Al 1.9.20 Unrestricted funds General fund Fixed Asset Fund Including Rev31uation Reserve Pension Scheme Dèficit Repair5 fund College building fund 948,518 331,751 189,3141 1,190,955 1,503,188 11,041,0001 200,000 350,000 196,4891 439,314 1,846,013 11,041,000) 200,000 350,0001 1,960,706 235,262 2,195.968 Restricted funds Restrictpd Fund 193,351 38,653 232,004 TOTAL FUNDS 2,154.057 273,915 2,427,972 Page 25 continued...
ST CATHERINE'5- SPEECH AND LANGUAGE NOTESTO THE FINANCIAL STATEMENTS- contlnued FOR THE YEAR ENDED 31 AUGUST 2021 16. MOVEMENT IN FUND5- contlnued Net movement In fund5, included in the above are as follows.. Incoming resources Regources expended Movement in funds Unrestrlcted fund5 General fund Fixed Asset Fuftd Induding Revaluailon Reserve 3,425,088 13,093,337) 331,751 196,4891 196,4891 3.425,088 13,189,8261 235,262 Restrlrted funds Re5trlded Fund 207,432 1168,7791 38,653 TOTAL FUNDS 3,632,520 13,358,605) 273,915 Comparatbves for movement In funds Prior Net movement In funds Transfers between funds veav adjustment At 31.8.20 At 1.9.19 Unrestrlcted funds General fund Fixed Asset Fund Including Ilevaluatlon Reserve Pens¢on Scheme Deflcit Repairs fund College bulldlnE fund 1,038,897 349.330 1439,7091 948,518 1,701,953 1740,0001 188,4741 1110,2911 1,503,188 11,041,000) 200,000 350,000 I301,0) 200,000 350,000 2.0(X),850 1301,0001 260,856 1,960,706 Regtrlcied fund5 Restricted Fund 72,172 121,179 193.351 TOTAL FUNOS 2,073,022 1301,0001 382,035 2,154,057 Page 26 ¢ontinued.-.
ST CATHERINE'S- SPEECH AND LANGUAGE NOTES TO THE FINANCIAL STATEMENTS- contlnuad FOR THE YEAR ENDED al AUGusf 2021 16. MOVEMENT IN FUNDS- contlnued Comparative net movement in ftsnds, included in the above are as follows.. Incoming our5 Resources expended Movement In funds Unrestrkted funds General fund Flxed Asset Fund Includlng Revaluation Reserve 3,034,683 12,685,353) 349,330 188,4741 88,4741 3,034,683 12,773,827) 260,856 Restricted fund5 Restricted Fund 127,522 16,3431 121,179 TOTAI FUNDS 3,162,205 12,780,1701 382,035 A current year 12 months and prior year 12 month5 combined positlon is as follows.. Net movement in funds Prior vear adlu5tment Transfers between funds Al 31.8.21 At 1.9.19 Unfestrlcted funds General fund Fixed Asset Fund Includlng Revaluatlon Reserve Pension Scheme Deficit Aepairs fund 1,038,897 681,081 1529,0231 1,190,955 1,701,953 1740,0001 1184,9631 329,023 1,846,013 11.041,0001 200.000 I301,CoI 2W,000 2,(X)0,850 1301,CQOI 496,118 2,195,968 Re5trlcted fund5 Restricted Fund 72,172 159,832 232,004 TOTALFUNDS 2.073,022 1301,IX)01 655,950 2,427,972 Page 27 continued...
ST CATHERINE'S. SPEECH AND LANfjUAGE NOTES TO THE FINANCIAL STATEMENTS- contlnued FOR THE YEAR ENDED 31 AUGUST 2021 16. MOVEMENT IN FUNDS- contlnued A current year 12 months ar prior year 12 months combined net movement in funds, included in the above are as follows.. Incoming resources RÈsources expended Movement ith funds Unrestrlcted funds General fund Fixed Asset Fund Includlng Revaluatltsn Reserve 6,459,771 15,778,690) 681,081 184,9631 1184,963 6,459,771 15,963,653) 496,118 Re5trlcted funds Restricted Fund 334.954 1175,1221 159,832 TOTAL FUNDS 6,794,725 16.138,7751 655,950 Details of the funds are a5 follows.. Oeslgnated Funds Fixeil Asset fund including revaluation resèrve The trustees have decided to show reserves relating to fixed asset5 separately to free reserves. Thls fund also includes the revaluation reserve which represents the amount by which investments exceed their hlstorical cost. Pension scheme deficit The pension scheme deficlt fund represents the projected valuè of the pension scheme assets less liabililies. Repairs fund The truslees have allocated £200,000 from cash funds held io hold for major iepaiTg and improvements that have been identified. College building fund The tru5teÈs have identified a site to expand the school operation and it is intended ihat the charity would purchase thi5 in the next financial year. The ¢ost of the site is £350,[ WhCh is the amount designated. Restrlcted Funits Education funding agency 16-19 bursaries This fund represents moneys paid to the school by the EFA to be spent on the development and continuation ol services for vulnerable 16-19 year olds. Department for Education pupil premium This fund represents moneys paid to the school by DFE via local authorities to be spent on Improving the Cademic performance of dlsadvantaged student5. Education funding agency capital and rnaintenance Pa8e 28 continued..
ST CATI4ERINE'S- SPEECH AND LANGUAGE NOTES TO THE FINANCIAL STATEMEMf5- Cohtlnued FOR THE YEAR ENDED 31 AUGUST 2021 16. MOVEMENT IN FUNDS- ¢ontlnued Th15 fund represents rnoneys paid to the School by the EFA lo bè spent on improvpmènts, maintenance and capltal repairs pf buildings and other facilitie5. There are several minor restricted fund5 which at thÈ year end totalling £17.5C(S whith are due to be spent in the next accounting perlod. 17. EMPLOYEE BENEFIT OBLIGATIONS DÈfined benefit scheme The Charity contribute5 to thè Isle of Wight Countil Pension fund. This is a 5eparatety funded scheme under whlch the Isle of Wi8ht CDunciI has set up a separale pension fund. The school is permitted to participate in the scheme under the terms of an 'administration agreement, for non teachin8 employees. This is a defined beneflt scheffle in the UK. A full actuarial valu31ion was carried out a5 at 31 August 2019, the date at which the employer ceased to be a member of the scheme, by a qualified independent actuary. The Isle of Wight Council establishes the rates of contribution for both employees and employers participatlng in the scheme. The current rates for employees are variable and 20.3% for employers. The employer is also seeking re admission to the scheme in the yedr ended 31 August 2022 at which point the liability wlll be recalculated. Details of thE schemè are as follows.. The amounts recognised in the Balance Sheet are as follow5.. Defined benèfit pension plans 2021 2020 Present value of funded obligations Fair value of plan assets 13,843,000> 13,843,000) 2,802,1KKJ 2,802,000 11,041.0001 11,041.0001 Present value of unfunded obligations Def4CIt 11.041,0001 11,041.0001 Net liability 11,041,000) 11,041.000 The amounts recogni5ed in the Statemènt of Financial Activities are ds follows.. 2021 2020 Current service cost Pèst service Cost Actual returFI on plan assels PaEe 29 continued..-
sr CATHERINE'S- SPEECH AND LANGUAGE NOTES TO THE FINANCIAL STATEMENTS- contlnued FOR THE YEAR ENDED 31 AUGUST 2021 17. EMPLOYEE BENEFIT QBUGATIONS- continued Chan6e5 in the present valtsè of the defined benelit obligatlon are as follow5.. Oefined benefit pension plans 2021 2020 Openlng defined benefit obligation 3,843,000 3,843,OCQ 3,843,000 3,843,000 Changes in the. fair value of scheme a55et5 ale as follows-. Defined benefit pension plans 2021 2020 Opening fair value of scheme assets 2,802,IJ)O 2,802,OCMJ 2,802,OCKI 2,802,000 The amount5 recognised in other recognised galns 3nd10sses are as follows: 2021 2020 The major categoyles of scheme assets as a percentage of total scheme assets are as follows: Defined benefit pension plans 2021 2020 Equitles Bond5 Property Principal èctuarial assumptions ai the Balance Sheet date lexpre55ed a5 weighted averages).. 2021 2020 Discount rate Future salary increases Future pen55on incre3se5 PaBe 30 continued...
ST CATHERINE'S- SPEECH AND LANGUAGE NOTES TO THE FINANCIAL STATEMENTS- contlnued FOR THE YEAR ENDED 31 AUGUST 2021 17. EMPLOYEE BENEFIT OBLbGATIONS- contbnued Dellned ¢ontrlbution scheme The Ch31ity contributes to two other separate staff penslon schemes for ellglble employee5 who also make a contribution. Details of these schemes are Set out below.. Teacher5, Pension Scheme Thls is a contribulofy scheme run by Tea¢hers' Pensions. The beneflts of the scheme are governed by thÈ Teachers, Pension ReglatIonS 1997. The scheme automatically covets full time teachers who have not opled out of the scherne to make their owTr pension arrangemellts. Members of the scheme pay at varyTrng ratg% ranging from 7.4% to 11.7% of their salary; the school pays a contribution of 16.48% of the member's salary. Teachers. contTibutiun5 are on a 'pay as you go, basis and the school's conlri17Vtions are credited to the Exchequer under arrangements covered by the SuperanDuation Act 1972. The Teachers, Pension Regulations require an nnual account, the Teachers, Pension Accounl, to be kept of receipts and expenditure. Any exces5 of income over expenditure 5 deemed to be invested In government secuiities and notional interest is added to thè account, the resultant balance is known as the'nolional fund,. Scottlsh Equltable Group Personal Pen510rt S¢home The Chaflty a150 operates a defined contributlon group personal pensSon scheme, the assets of which are held separately from those ol the Chaflty in an independently administered fund. The charge for the year represents thé tost of employer's contributions to the Scheme for the year for those employee5 Opting to join the Scheme. Conlrlbutions ar& made by both employee and employer based mainly on a pernt8&e of the employee'5 salary. The employer's contribution is between 1% and 4%. 18. CAPITAL COMMITMENTS 2021 2020 Contrdcted but not Provided for In the financial statements 513,000 The CDmTllltment relates to the acquisition ol student accommodation which was completed in October 20213nd partially lunded throu8h a bank103n of £396,000. with the femainder being fvnded by the general reserves of the charity. 19. REL4TED PARTY DISCLOSURES Durin8 the year, the Charity received income of £i.ocKJ12020.' £1,050) from the Trustee5 under normal operating condition5. Page 31