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2025-07-31-accounts

REGISTERED COMPANY NUMBER: 01780521 (England and Wales) REGISTERED CHARITY NUMBER: 289048

Report of the Trustees and

Audited Financial Statements

for the Year Ended 31 July 2025

for

ST JOSEPH’S SCHOOL LAUNCESTON (A COMPANY LIMITED BY GUARANTEE)

Gravita Audit Western Limited Chartered Accountants and Statutory Auditors Keble House Southernhay Gardens Exeter Devon EX1 1NT

ST JOSEPH’S SCHOOL LAUNCESTON

Contents of the Financial Statements FOR THE YEAR ENDED 31 JULY 2025

Page
Reference and Administrative Details 1
Report of the Trustees 2 to 7
Report of the Independent Auditors 8 to 11
Statement of Financial Activities 12
Balance Sheet 13
Cash Flow Statement 14
Notes to the Cash Flow Statement 15
Notes to the Financial Statements 16 to 26
Detailed Statement of Financial Activities 27 to 28

ST JOSEPH’S SCHOOL LAUNCESTON

Reference and Administrative Details FOR THE YEAR ENDED 31 JULY 2025

TRUSTEES C Bacon (resigned 23.9.25)
A Doe
P A Hicks
L M Holmes
T Kingdon
E Mann
C M Mott
S Rowe
J Scard Morgan
D S J Tilley (resigned 14.1.25)
T Watkins
L Rickard (appointed 1.10.24)
COMPANY SECRETARY I Barton
REGISTERED OFFICE St Stephens Hill
Launceston
Cornwall
PL15 8HN
REGISTERED COMPANY 01780521 (England and Wales)
NUMBER
REGISTERED CHARITY 289048
NUMBER
AUDITORS Gravita Audit Western Limited
Chartered Accountants and Statutory Auditors
Keble House
Southernhay Gardens
Exeter
Devon
EX1 1NT

Page 1

ST JOSEPH’S SCHOOL LAUNCESTON

Report of the Trustees FOR THE YEAR ENDED 31 JULY 2025

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 July 2025. This report encompasses all matters required to be included in both the Strategic and Directors’ Reports of the Charity .The trustees have adopted the provisions of 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).

OBJECTIVES AND ACTIVITIES

Objectives and aims

The objective of the charity is to promote and provide for the advancement of education and, in connection therewith, to conduct, carry on, acquire and develop in the UK any boarding or day school or schools for the education of children of either or both sexes and children of all denominations.

Objectives for the year

The objectives for the year have been to continue working within the school’s charitable purpose of providing an excellent all-round education and pastoral care for pupils, ensuring they achieve strong academic and personal outcomes. This includes building on the positive outcomes from the 2023/24 year and prepare for inspection in 2025/26 to ensure full compliance with all Independent School Standards and maintain the excellent quality of education, pastoral care, and safeguarding across the school.

A key strategic priority has been readiness for the introduction of VAT on independent school fees, announced by the Government in July 2024 and implemented from 1 September 2025.

The school made the strategic decision to pass on the cost of VAT in full to parents, as VAT is a consumption tax and therefore chargeable to the consumer. This decision was communicated promptly and clearly by the Board and Management to ensure parents had the right to issue notice in line with the terms of the parental contract.

These measures were essential to maintain financial stability while continuing to deliver high-quality education and pastoral care.

To achieve these objectives, pupil recruitment and retention remain central to sustaining revenue and enabling continued investment in teaching, learning, and facilities. This year has seen further investment in staff CPD, retention strategies, marketing (including website development), and infrastructure improvements.

Investment priorities include ICT upgrades, PE and specialist equipment, and ongoing maintenance of the school site, which was revalued the previous year.

Strategies to achieve the year's objectives

Page 2

ST JOSEPH’S SCHOOL LAUNCESTON

Report of the Trustees FOR THE YEAR ENDED 31 JULY 2025

OBJECTIVES AND ACTIVITIES Public benefit

The Trustees have given careful consideration to the Charity Commission’s guidance on public benefit and confirm they have complied with this guidance. St Joseph’s remains committed to sharing its facilities and expertise with the local community and partner schools wherever possible. This includes hosting sporting events and other opportunities to support the local community.

Our Astroturf facility continues to host sporting events for local primary schools, including tournaments delivered in partnership with Plymouth Argyle’s community outreach programme. The Junior School has welcomed Key Stage 1 and 2 pupils for sports days and outdoor learning experiences, and our Stay n’ Play sessions for nursery and pre-school children have provided structured outdoor activities for families in the Launceston area.

We have supported local schools where we can through free use of our minibuses for transport to events and swimming lessons, helping broaden their curriculum opportunities. Pupils have also engaged in community initiatives such as the Launceston Youth Council and town parades, reinforcing our commitment to civic life.

Our outreach has included free performances for local schools at our Senior School production and ongoing partnerships to promote excellence in teaching. Charitable activity remains central to our ethos. In 2024–25, we supported Sarcoma UK as our school charity, alongside fundraising for the Launceston Food Bank, Comic Relief, and other causes. Scholarships and bursaries continue to be offered to widen access although he impact of the imposition of VAT on school fees has had some impact on our ability to do so.

Through these initiatives, St Joseph’s demonstrates its role as a community partner, providing educational, cultural, and practical support to benefit children and families beyond our own pupils.

Health & Safety

The School continues to monitor its Health and Safety obligations via the H&S subcommittee. The school continuously conducts a thorough reviews of H&S recording and reporting and this has resulted in further oversight from the H&S committee, Safer Recruitment and the Single Central Register of appointments (SCR) being central to this.

Page 3

ST JOSEPH’S SCHOOL LAUNCESTON

Report of the Trustees FOR THE YEAR ENDED 31 JULY 2025

STRATEGIC REPORT

Achievements and performance

The academic year 2024–25 has been one of significant progress and success for St Joseph’s School. We have built on and continue to offer a broad and engaging curriculum that supports strong academic outcomes:

Academic performance continues to be well above national averages, with GCSE results in the summer of 2025 maintaining strong outcomes across core subjects. Pupils in the Junior School also achieved excellent progress, reflecting the quality of teaching and learning throughout the school.

The school’s inclusive ethos remains central to its success. As an academically non-selective school, we are proud to provide an environment where pupils of all abilities can thrive, follow their own paths, and access the full breadth of the curriculum.

These achievements reflect the dedication of staff, the support of trustees, and the commitment of families to the school’s vision: to educate the pupil in the broadest sense, offering a firm foundation for life in a safe, nurturing environment where every child can flourish academically and personally.

Financial review

Financial position

The results for the year are set out on the statement of financial activities. Unrestricted Funds included in note 19 to the accounts amount to £6,149,867 which have been invested in fixed assets. There were also restricted funds of £Nil.

The revenue generated by the School increased during the period in comparison to the previous period, net surplus increased by £24,220.

Principal funding sources

The School has been funded from retained profits.

Investment policy and objectives

There are no restrictions on the company's powers of investment. The board's policy continues to be that of continuing investment in the school.

Reserves policy

The Governors' policy is to improve the facilities of the school and to finance this by building up reserves out of annual operating surpluses. The Governors believe that the school's cash balance provides an accurate measure of the financial stability of the school. The aim is to hold £500,000 of free cash by 31st July 2026 and these reserves will be held to fund future capital works.

Going concern

The Governors have concluded that there are no material uncertainties about the charity's ability to continue as a going concern.

Page 4

ST JOSEPH’S SCHOOL LAUNCESTON

Report of the Trustees FOR THE YEAR ENDED 31 JULY 2025

STRATEGIC REPORT Financial review

Principal risks and uncertainties

The Trustees recognise several key risks that could impact the school’s operations and financial stability. The most significant is the potential effect on pupil numbers following the introduction of VAT on independent school fees from 1 January 2025, which influences affordability for some families and creates additional pressure on recruitment and retention.

This risk is being actively managed through clear communication with parents, strategic marketing, and prudent financial planning, including restructuring within the Pre-Prep department and a review of staffing levels. Other ongoing risks include demographic changes in the local area, rising operational costs imposed at a national level, and maintaining compliance with evolving regulatory requirements. The Board continues to monitor these risks closely and implement mitigation strategies to safeguard the school’s long-term sustainability.

Contingency Planning Measures

To mitigate the financial and operational risks posed by the introduction of VAT on school fees and potential fluctuations in pupil numbers, the Trustees and Senior Management Team have implemented a series of contingency measures:

Governance Oversight

Regular monitoring by the Board and Finance Committee ensures early identification of risks and rapid implementation of corrective actions.

These measures aim to safeguard the school’s financial stability and educational standards, ensuring resilience in the face of sector-wide changes.

Future plans

Aims and key objectives for the future periods

The School’s primary objective for the forthcoming periods is to secure its ongoing financial sustainability while continuing to deliver high quality education in furtherance of its charitable purposes. Trustees remain focused on maintaining pupil numbers at levels that support both educational provision and financial resilience.

Since the introduction of VAT on independent school fees in January 2025, Trustees and the Senior Management Team have closely monitored its impact on affordability, demand, and pupil recruitment. Recruitment activity remains active and under continuous review, with particular attention paid to retention as well as new admissions.

Staffing continues to represent the School’s most significant area of expenditure. Staffing structures and costs are therefore subject to regular scrutiny at senior leadership and Board level to ensure that resources are deployed efficiently and remain aligned with educational priorities. Trustees will continue to review staffing assumptions to ensure the School remains viable and adaptable in both the short and medium term in the context of the post VAT operating environment.

Activities Planned to Achieve the Aims

The School continues to invest in staff training and professional development, recognising that a dedicated, supported workforce is central to maintaining high standards of teaching, learning, and pupil wellbeing. An established curriculum review process ensures that educational provision remains broad, balanced, and responsive to pupils’ needs and highly attractive to current and future pupils and families.

Page 5

ST JOSEPH’S SCHOOL LAUNCESTON

Report of the Trustees FOR THE YEAR ENDED 31 JULY 2025

Trustees maintain a strong focus on the consolidation and protection of the School’s financial position, supported by robust budgeting, regular re forecasting, and financial reporting to the Board. Ongoing measures are in place to manage cost pressures arising from inflation and the impact of higher interest rates on borrowing and cash flow, while taking account of current expectations of gradual easing over the medium term.

The Board continues to exercise active oversight of financial and operational risks, including the longer term implications of VAT on school fees and the wider economic environment. Mitigation strategies are kept under regular review to ensure that the School can respond effectively to changing circumstances while remaining faithful to its charitable purpose and committed to delivering high quality education.

STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document

The charitable company's memorandum and articles of association are the primary governing documents of the school.

The school is a company limited by guarantee, not having share capital, as defined by the Companies Act 2006, and is a registered charity.

STRUCTURE, GOVERNANCE AND MANAGEMENT Recruitment and appointment of new governors

The Board of Governors is made up of Foundation and Parent Governors. The governing body of the school shall consist of twelve persons, 9 of whom shall be foundation governors and 3 shall be Parent Governors and it shall be a condition of a Parent Governor that they shall, when appointed, have a child or children at the school. Foundation Governors are appointed to serve for 5 years by the other Governors and may stand for re-election for a further 5 years, but thereafter will be ineligible for re-appointment. The Parent Governors are appointed by foundation Governors and once appointed serve for an initial period of 3 years, after which, they may stand for re-election for a further 3 years if they are still eligible under the aforementioned criteria. Thereafter they shall be ineligible for appointment as a Parent Governor but may be eligible for appointment by the Governors as a Foundation Governor.

Induction and training of new governors

Governors are encouraged to attend training days organised by the Association of Governing Bodies of Independent Schools and similar organisations as well as seminars by the School's professional advisers. In addition, Governors receive regular briefings on aspects of the School's pastoral and educational provision. Induction is overseen by the Chair of Governors and new Governors are expected to meet with the Head and Bursar as part of this process. In addition, new Governors are expected to actively engage with the Governors Strategic Plan as updated annually.

Organisational structure

The Governors determine the general policy of the school. The day-to-day management of the school is delegated to the Headteacher, Oliver Scott and as regards financial oversight the Bursar, Ian Barton. The school's Senior Management Team are responsible for the operational management of the school, and the Junior Headteacher and Deputy Headteacher work with the Junior and Senior management teams to ensure best outcomes for all pupils. Governors have regular contact with the school, both through weekly meetings with the Headteacher and Bursar and through Governor Committees as well as at Full Board Meetings and through the Governors' Working Party.

Page 6

ST JOSEPH’S SCHOOL LAUNCESTON

Report of the Trustees FOR THE YEAR ENDED 31 JULY 2025

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of St Joseph's School Launceston for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland"

Company law requires the trustees to prepare financial statements for each financial year which 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 those financial statements, the trustees are required to

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to 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. In so far as the trustees are aware:

AUDITORS

The auditors, Gravita Audit Western Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on ............................................. and signed on the board's behalf by:

.................................................................... S Rowe - Trustee

Page 7

Report of the Independent Auditors to the Members of St Joseph’s School Launceston

Opinion

We have audited the financial statements of St Joseph’s School Launceston (the 'charitable company') for the year ended 31 July 2025 which comprise 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 their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

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 Auditors' 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 trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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.

Opinions on other matters prescribed by the Companies Act 2006

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

Page 8

Report of the Independent Auditors to the Members of St Joseph’s School Launceston

Matters on which we are required to report by exception

In the light of the 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 Trustees.

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

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, 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.

Page 9

Report of the Independent Auditors to the Members of St Joseph’s School Launceston

Our responsibilities for the audit of the financial statements

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 a Report of the Independent Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, our procedures included the following:

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusions.

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

Page 10

Report of the Independent Auditors to the Members of St Joseph’s School Launceston

Use of our report

This report is made solely to the charitable company's members, 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 charitable company's members those matters we are required to state to them in an auditors' 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 charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Jade Quaintance (Senior Statutory Auditor) for and on behalf of Gravita Audit Western Limited Chartered Accountants and Statutory Auditors Keble House Southernhay Gardens Exeter Devon EX1 1NT Date: .............................................

Page 11

ST JOSEPH’S SCHOOL LAUNCESTON

Statement of Financial Activities FOR THE YEAR ENDED 31 JULY 2025

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
3
Charitable activities
5
Teaching
Transport
General
Investment income
4
Other income
6
Total
EXPENDITURE ON
Charitable activities
7
Teaching
Welfare
Premises
Transport
Support
Total
NET INCOME
Other recognised gains/(losses)
Gains on revaluation of fixed assets
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
funds
£
-
2,768,802
191,629
5,592
10,262
2,041
2,978,326
1,685,796
90,352
565,862
211,576
386,474
2,940,060
38,266
-
38,266
6,111,601
**6,149,867 **		 Restricted
fund
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 2025
Total
funds
£
-
2,768,802
191,629
5,592
10,262
2,041
2,978,326
1,685,796
90,352
565,862
211,576
386,474
2,940,060
38,266
-
38,266
6,111,601
**6,149,867 **		 2024
Total
funds
£
7,600
2,742,136
187,747
5,100
9,720
1,803
2,954,106
1,753,739
71,316
477,456
181,076
311,991
2,795,578
158,528
654,504
813,032
5,298,569
6,111,601

The notes form part of these financial statements

Page 12

ST JOSEPH’S SCHOOL LAUNCESTON

Balance Sheet 31 JULY 2025

Notes
FIXED ASSETS
Tangible assets
14
Investment property
CURRENT ASSETS
Debtors
15
Cash at bank and in hand
CREDITORS
Amounts falling due within one year
16
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
NET ASSETS
FUNDS
19
Unrestricted funds
TOTAL FUNDS		 Unrestricted
funds
£
6,046,385
-
6,046,385
233,515
253,541
487,056
(383,575)
103,482
6,149,867
**6,149,867 **
Restricted
fund
£
-
-
-
-
-
-
-
-
-
-		 2025

Total
funds
£
6,046,385
-
6,046,385
233,515
253,541
487,056
(383,575)
103,482
6,149,867
6,149,867
6,149,867
**6,149,867 **		 2024
Total
funds
£
6,085,436
-
6,085,436
154,549
137,747
292,296
(266,131)
26,165
6,111,601
6,111,601
6,111,601
6,111,601

The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:

............................................. S Rowe - Trustee

............................................. L M Holmes - Trustee

The notes form part of these financial statements

Page 13

ST JOSEPH’S SCHOOL LAUNCESTON

Cash Flow Statement FOR THE YEAR ENDED 31 JULY 2025

Notes
Cash flows from operating activities
Cash generated from operations
1
Interest paid
Net cash provided by operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Sale of tangible fixed assets
Net cash used in investing activities
Change in cash and cash equivalents in
the reporting period
Cash and cash equivalents at the
beginning of the reporting period
Cash and cash equivalents at the end of
the reporting period		 2025
£
142,512
(2,014)
140,498
(25,903)
1,199
(24,704)
115,794
137,747
253,541		 2024
£
231,337
(1,338)
229,999
(194,677)
1,000
(193,677)
36,322
101,425
137,747

The notes form part of these financial statements

Page 14

ST JOSEPH’S SCHOOL LAUNCESTON

Notes to the Cash Flow Statement FOR THE YEAR ENDED 31 JULY 2025

1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

ACTIVITIES
2025 2024
£ £
Net income for the reporting period (as per the Statement of Financial
Activities) 38,266 158,528
Adjustments for:
Depreciation charges 64,328 166,367
(Profit)/loss on disposal of fixed assets (573) 1,650
Interest paid 2,014 1,338
Increase in debtors (78,966) (78,373)
Increase/(decrease) in creditors 117,444 (18,173)
Net cash provided by operations 142,512 231,337
2. ANALYSIS OF CHANGES IN NET FUNDS
At 1.8.24 Cash flow At 31.7.25
£ £ £
Net cash
Cash at bank and in hand 137,747 **115,794 ** 253,541
137,747 **115,794 ** 253,541
Total 137,747 **115,794 ** 253,541

The notes form part of these financial statements

Page 15

ST JOSEPH’S SCHOOL LAUNCESTON

Notes to the Financial Statements FOR THE YEAR ENDED 31 JULY 2025

1. STATUTORY INFORMATION

St Joseph's School Launceston is a private charitable company, limited by guarantee, registered in England and Wales. The company's registered number, registered charity number and registered office can be found on the Reference and Administrative Details page.

The presentation currency of the financial statements is the Pound Sterling (£).

2. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', 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 under the historical cost convention, as modified by the revaluation of certain assets.

Changes in accounting policies

Having conducted a valuation at the start of the year, the charity has determined that due to the nature of the assets, freehold property should be changed from the cost model to a revaluation model.

Deferred income

School fees received in advance are included within creditors and are recognised when the charity has the right to these fees.

Income resources

Voluntary income including donations, gifts, legacies and grants that provide core fund or are of a general nature is recognised when the charity has entitlement to the funds, the receipt is probable and the amount can be measured with sufficient reliability.

Fees receivable are accounted for in the period in which the service is provided. Fees receivable are stated after deducting allowances, scholarships and other remissions granted by the school.

The School offers parents the opportunity to pay for tuition fees in advance in accordance with a written contract. The amounts received are held as creditors, the income being released in the term to which it relates.

Expenditure

All expenditure is recognised in the period in which a liability is incurred and has been classified under headings that aggregate all costs relating to that category.

Liability recognition and measurement

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Charitable activities

Charitable expenditure comprises of those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Page 16

continued...

ST JOSEPH’S SCHOOL LAUNCESTON

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 JULY 2025

2. ACCOUNTING POLICIES - continued

Governance costs

These include the costs attributable to the charity's compliance with constitutional and statutory requirements, including audit, strategic management and Trustee's meetings and reimbursed expenses.

Allocation and apportionment of costs

Support costs include central functions. These have been included under charitable activities in the Statement of Financial Activities as their own category.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings - 20% on cost Motor vehicles - 25% on reducing balance

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Leasing commitments

Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme for teaching and non-teaching staff. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Financial instruments

The charitable company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial assets

Basic financial assets including trade and other receivables, cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

continued...

Page 17

ST JOSEPH’S SCHOOL LAUNCESTON

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 JULY 2025

2. ACCOUNTING POLICIES - continued

Financial instruments

Financial liabilities

Basic financial liabilities including trade and other payables and bank loans are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future payments discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost using the effective interest method.

3. DONATIONS AND LEGACIES

Unrestricted
Restricted
funds
funds
£
£
Donations
-
-
INVESTMENT INCOME
Unrestricted
Restricted
funds
funds
£
£
Rents received
10,262
-		 2025
Total
funds
£
-
2025
Total
funds
£
**10,262 **		 2024
Total
funds
£
7,600
2024
Total
funds
£
9,720

4. INVESTMENT INCOME

5. INCOME FROM CHARITABLE ACTIVITIES

Activity
Registration and acceptance fees
General
Fees
Teaching
Scholarships
Teaching
Means tested bursaries
Teaching
Staff discounts
Teaching
Sibling discounts
Teaching
Discounts
Teaching
Transport income
Transport		 2025
£
5,592
3,263,359
(63,601)
(84,558)
(207,637)
(115,334)
(23,427)
191,629
2,966,023		 2024
£
5,100
3,225,106
(65,526)
(117,277)
(153,190)
(100,294)
(46,683)
187,747
2,934,983

continued...

Page 18

ST JOSEPH’S SCHOOL LAUNCESTON

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 JULY 2025

6. OTHER INCOME

OTHER INCOME
2025 2024
Unrestricted Restricted Total Total
funds funds funds funds
£ £ £ £
Uniform commission 2,041 - 2,041 1,803

7. CHARITABLE ACTIVITIES COSTS

2025
2025
Direct Costs
Support Costs
£
£
Teaching
1,616,650
69,146
Welfare
-
90,352
Premises
377,762
188,100
Transport
100,069
111,507
Support
161,198
225,276
2,255,679
684,381
SUPPORT COSTS
Teaching
Welfare
Premises
Transport
Support
NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
Depreciation - owned assets
Other operating leases
Surplus/(deficit) on disposal of fixed assets		 2025
Totals
£
1,685,796
90,352
565,862
211,576
386,474
2,940,060
2025
Totals
£
69,146
90,352
188,100
111,507
225,276
684,381
2025
£
64,328
10,236
(573)		 2024
Totals
£
1,753,739
71,316
477,456
181,076
311,991
2,795,578
2024
Totals
£
77,037
71,316
120,157
107,910
131,802		 2024
Totals
£
1,753,739
71,316
477,456
181,076
311,991
2,795,578
2024
Totals
£
77,037
71,316
120,157
107,910
131,802
508,222
2024
£
166,367
7,206
1,650

8. SUPPORT COSTS

9. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

continued...

Page 19

ST JOSEPH’S SCHOOL LAUNCESTON

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 JULY 2025

10. AUDITORS' REMUNERATION

AUDITORS' REMUNERATION
2025 2024
£ £
Fees payable to the charity's auditors and their associates for the audit of the
charity's financial statements 8,380 7,980
Auditors' remuneration for non audit work 620 2,398

11. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 July 2025 nor for the year ended 31 July 2024.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 July 2025 nor for the year ended 31 July 2024.

12. STAFF COSTS

Wages and salaries
Social security costs
Other pension costs		 2025
£
1,799,852
178,722
212,777
**2,191,351 **		 2024
£
1,747,697
151,485
211,429
2,110,611

The average monthly number of employees during the year was as follows:

Teaching staff
Teaching support staff
Administrative / Grounds staff
Welfare staff
Transport staff		 2025
35
7
17
2
8
69		 2024
36
6
19
3
5
69

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

£70,001 - £80,000
£80,001 - £90,000		 2025
1
1
2		 2024
2
-
2

The estimated average number of full-time equivalent employees during the year was 56 (2024: 56).

continued...

Page 20

ST JOSEPH’S SCHOOL LAUNCESTON

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 JULY 2025

13.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
Restricted
funds
fund
£
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
7,600
-
Charitable activities
Teaching
2,742,136
-
Transport
187,747
-
General
5,100
-
Investment income
9,720
-
Other income
1,803
-
Total
2,954,106
-
EXPENDITURE ON
Charitable activities
Teaching
1,753,739
-
Welfare
71,316
-
Premises
477,158
298
Transport
181,076
-
Support
311,991
-
Total
2,795,280
298
NET INCOME/(EXPENDITURE)
158,826
(298)
Other recognised gains/(losses)
Gains on revaluation of fixed assets
654,504
-
Net movement in funds
813,330
(298)
RECONCILIATION OF FUNDS
Total funds brought forward
5,298,271
298
TOTAL FUNDS CARRIED FORWARD
6,111,601
-		 Total
funds
£
7,600
2,742,136
187,747
5,100
9,720
1,803
2,954,106
1,753,739
71,316
477,456
181,076
311,991
2,795,578
158,528
654,504
813,032
5,298,569
6,111,601

continued...

Page 21

ST JOSEPH’S SCHOOL LAUNCESTON

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 JULY 2025

14. TANGIBLE FIXED ASSETS

TANGIBLE FIXED ASSETS
COST OR VALUATION
At 1 August 2024
Additions
Disposals
At 31 July 2025
DEPRECIATION
At 1 August 2024
Charge for year
Eliminated on disposal
At 31 July 2025
NET BOOK VALUE
At 31 July 2025
At 31 July 2024		 Freehold
property
£
5,914,067
3,245
-
5,917,312
-
-
-
-
5,917,312
5,914,067		 Fixtures
and
fittings
£
915,310
22,658
-
937,968
808,407
48,211
-
856,618
81,350
106,903		 Motor
vehicles
£
208,682
-
(26,393)
182,289
144,216
16,117
(25,767)
134,566
47,723
64,466		 Totals
£
7,038,059
25,903
(26,393
7,037,569
952,623
64,328
(25,767
**991,184 **
6,046,385
6,085,436

Cost or valuation at 31 July 2025 is represented by:

Valuation in 2009
Valuation in 2011
Valuation in 2012
Valuation in 2013
Valuation in 2014
Valuation in 2015
Valuation in 2018
Valuation in 2021
Valuation in 2023
Valuation in 2024
Cost		 Freehold
property
£
490,845
1,522,827
12,209
35,000
564,874
17,500
257,236
50,000
67,000
239,256
2,660,565
5,917,312		 Fixtures
and
fittings
£
-
-
-
-
-
-
-
-
-
-
937,968
937,968		 Motor
vehicles
£
-
-
-
-
-
-
-
-
-
-
182,289
182,289		 Totals
£
490,845
1,522,827
12,209
35,000
564,874
17,500
257,236
50,000
67,000
239,256
3,780,822
7,037,569

If freehold property had not been revalued it would have been included at the following historical cost:

Cost

2025
£
2,660,565		 2024
£
2,582,183

continued...

Page 22

ST JOSEPH’S SCHOOL LAUNCESTON

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 JULY 2025

14. TANGIBLE FIXED ASSETS - continued

The freehold land and buildings class of fixed assets was revalued on 31 July 2024 by Philip Waite, RICS Registered Valuer, of chartered surveyors Sanderson Weatherall LLP. The basis of this valuation was depreciated replacement cost. The valuation at this date was £5,910,000. Both Philip Waite and Sanderson Weatherall LLP are independent of the charity.

15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade debtors
Other debtors
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
Social security provision and other tax
VAT
Other creditors
Advance fee payments
Accrued expenses		 2025
£
212,826
20,689
233,515
2025
£
35,375
44,744
163,637
17,507
83,298
39,014
383,575		 2024
£
151,704
2,845
154,549
2024
£
17,597
59,151
-
4,288
139,202
45,893
266,131

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

17. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

Within one year 2025
£
500		 2024
£
500

The remaining lease commitment relates to land used by the school.

continued...

Page 23

ST JOSEPH’S SCHOOL LAUNCESTON

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 JULY 2025

18. SECURED DEBTS

There are fixed and floating legal charges with Barclays over all the property and undertakings of the charity.

19. MOVEMENT IN FUNDS

Unrestricted funds
General fund
Revaluation reserve
TOTAL FUNDS
Net movement in funds, included in the above are as follows:
Unrestricted funds
General fund
TOTAL FUNDS
Comparatives for movement in funds		 At 1.8.24
£
2,739,085
3,372,516
6,111,601
6,111,601
Incoming
resources
£
2,978,326
2,978,326		 Net
movement
in funds
£
38,266
-
38,266
38,266
Resources
expended
£
(2,940,060)
(2,940,060)		 At
31.7.25
£
2,777,351
3,372,516
6,149,867
6,149,867
Movement
in funds
£
38,266
38,266
Unrestricted funds
General fund
Revaluation reserve
Restricted funds
Friends of the school fund
TOTAL FUNDS		 At 1.8.23
£
2,541,419
2,756,852
5,298,271
298
5,298,569		 Net
movement
in funds
£
158,826
654,504
813,330
(298)
813,032		 Transfers
between
funds
£
38,840
(38,840)
-
-
-		 At
31.7.24
£
2,739,085
3,372,516
6,111,601
-
6,111,601

continued...

Page 24

ST JOSEPH’S SCHOOL LAUNCESTON

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 JULY 2025

19. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Revaluation reserve
Restricted funds
Friends of the school fund
TOTAL FUNDS		 Incoming
resources
£
2,954,106
-
2,954,106
-
2,954,106		 Resources
expended
£
(2,795,280)
-
(2,795,280)
(298)
(2,795,578)		 Gains and
losses
£
-
654,504
654,504
-
654,504		 Movement
in funds
£
158,826
654,504
813,330
(298)
813,032

20. EMPLOYEE BENEFIT OBLIGATIONS

Teaching staff

The employer contributions to the teaching staff defined contribution scheme recognised in the Statement of Financial Activities during the year were £204,188 (2024: £202,293).

Contributions payable to the teaching staff pension scheme at the end of the year were £Nil (2024: £16,640).

Non Teaching Staff

The employer contributions to the non-teaching staff defined contribution scheme recognised in the Statement of Financial Activities during the year were £8,589 (2024: £9,136).

Contributions payable to the non-teaching staff pension scheme at the end of the year were £2,022 (2024: £765).

21. RELATED PARTY DISCLOSURES

Key management personnel compensation for the year was £165,206 (2024: £172,305).

Page 25

continued...

ST JOSEPH’S SCHOOL LAUNCESTON

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 JULY 2025

22. FINANCIAL INSTRUMENTS

The total interest expense recognised during the year in respect of financial liabilities was £2,014 (2024: £1,338). This was calculated using the effective interest method.

Page 26

ST JOSEPH’S SCHOOL LAUNCESTON

Detailed Statement of Financial Activities FOR THE YEAR ENDED 31 JULY 2025

INCOME AND ENDOWMENTS
Donations and legacies
Donations
Investment income
Rents received
Charitable activities
Fees
Scholarships
Means tested bursaries
Staff discounts
Sibling discounts
Discounts
Transport income
Registration fees
Other income
Uniform commission
Total incoming resources
EXPENDITURE
Charitable activities
Wages
Social security
Pensions
Depreciation of freehold property
Depreciation of fixtures and fittings
Depreciation of motor vehicles
Support costs
Other
Other operating leases
Rates and water
Insurance
Light and heat
Telephone
Postage and stationery
Sundries
Bad debts
Carried forward		 2025
£
-
10,262
3,259,502
(63,601)
(84,558)
(207,637)
(115,334)
(19,570)
191,629
5,592
2,966,023
2,041
2,978,326
1,799,852
178,722
212,777
-
48,211
16,117
2,255,679
10,236
23,877
38,345
46,217
1,088
9,662
13,489
74,616
155,618		 2024
£
7,600
9,720
3,225,106
(62,526)
(117,277)
(153,190)
(100,294)
(46,683)
187,747
5,100
2,934,983
1,803
2,954,106
1,747,697
151,485
211,429
96,632
47,449
22,286
2,276,978
7,206
13,117
40,513
34,789
1,404
-
22,572
(3,793)
115,808

This page does not form part of the statutory financial statements

Page 27

ST JOSEPH’S SCHOOL LAUNCESTON

Detailed Statement of Financial Activities FOR THE YEAR ENDED 31 JULY 2025

Other
Brought forward
Educational equipment
Books
Staff training
Cleaning
Catering
Office expenses
Subscriptions
Advertising
Inspection costs
Repairs and renewals
Motor expenses
Computer software and maintenance
Recruitment costs
Legal fees
Loss on sale of tangible fixed assets
Bank interest
Governance costs
Auditors' remuneration
Auditors' remuneration for non audit work
Total resources expended
Net income		 2025
£
155,618
46,919
4,518
4,232
1,272
89,080
-
6,293
28,612
3,663
81,560
112,080
53,883
873
23,425
(573)
2,014
675,381
8,380
620
9,000
2,940,060
38,266		 2024
£
115,808
49,815
6,142
1,587
2,977
68,339
7,870
8,083
32,728
3,557
34,061
106,260
56,920
3,730
7,357
1,650
1,338
508,222
7,980
2,398
10,378
2,795,578
158,528

This page does not form part of the statutory financial statements

Page 28