## **COMPANY REGISTRATION NUMBER 02071112** 

**CHARITY REGISTRATION NUMBER 298635** 

## **ST PHILOMENA’S SCHOOL LIMITED** 

**ANNUAL REPORT AND FINANCIAL STATEMENTS** 

## **31 AUGUST 2021** 



## **ST PHILOMENA’S SCHOOL LIMITED** 

## **CONTENTS** 

____________________________________________________________________________ 

|||**Pages**|**Pages**|
|---|---|---|---|
|Legal and administrative information||**1**||
|Report of the Council of Management|**2**|**-**|**6**|
|Independent Examiner’s report|**7**|**-**|**8**|
|Statement of financial activities||||
|(including income and expenditure account)||**9**||
|Balance sheet||**10**||
|Statement of cash flows||**11**||
|Notes to the financial statements|**12 -**||**23**|
|_____________________________________||||
|**The following pages do not form part of the financial statements :**||||
|Detailed income and expenditure account|**24**|<br>**-**|**25**|





## **ST PHILOMENA’S SCHOOL LIMITED** 

## **LEGAL AND ADMINISTRATIVE INFORMATION** 

___________________________________________________________________________ 

|**Council of management**|Mrs J Geldard (Chairman)|
|---|---|
||Mrs S M Vincent|
||Mr A W Davidson|
||Mrs A O’Sullivan|
||Sister McElwaine|
||Mrs M Fuller|
||Dr J A F Geldard|
||Fr Frank Jackson|
||Mr M Ketterer (resigned 31 August 2021)|
||Mr D Harman-Page|
||Mr A Ong|
||Mr L Townsend|
||Mrs V Bridges (resigned 31 August 2021)|
|**Company secretary**|Post currently vacant|
|**Registered office**|St Philomena’s School|
||Hadleigh Road|
||Frinton on Sea|
||Essex|
||CO13 9HQ|
|**Registered company number**|02071112|
|**Registered charity number**|298635|
|**Bankers**|HSBC Bank|
||47 Station Road|
||Clacton on Sea|
||Essex|
||CO15 1RR|
|**Independent examiner**|Tim O’Connor FCCA ACA DChA|
||Scrutton Bland LLP|
||Chartered Accountants|
||820 The Crescent|
||Colchester Business Park|
||Colchester|
||Essex|
||CO4 9YQ|



____________________________________________________________________________ 

- 1 - 



## **ST PHILOMENA’S SCHOOL LIMITED** 

## **REPORT OF THE COUNCIL OF MANAGEMENT AS DIRECTORS OF THE COMPANY** 

The Council of Management present their report and the unaudited financial statements for the year ended 31 August 2021. This report is also a Directors’ Report required by Section 417 of the Companies Act as all Members of the Council of Management are Directors. 

The financial statements have been prepared in accordance with the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019) – (Charities SORP (FRS102)) and the Charities Act 2011. 

The charitable company is registered with the Charity Commissioners under No. 298635 and with the Registrar of Companies, as a company limited by guarantee, under No. 02071112. 

## **Objectives and activities** 

The charitable company’s objective is to promote and provide the advancement of education. The charitable company, in furtherance of its principal charitable objective, operates the Convent School, known as St Philomena’s which activity was previously carried on by the Sisters of Our Lady of Mercy at Hadleigh Road, Frinton-on-Sea. 

In setting out the school’s objectives the Council of Management have given careful consideration to the Charity Commission’s general guidance on public benefit. In doing so the Council of Management have complied with their duties in this area as set out in Section 4 of the Charities Act 2011. 

## **Operational review, achievement and performance** 

The Council of Management considers that the operations have been well managed during a financially challenging year, a summary of the year’s financial operations is given on page 9. The assets of the charitable company are sufficient to fulfil its obligations. 

In the year under review the charitable company recorded a surplus of £125,024. The previous year showed a surplus of £53,799. The average number of pupils on role has increased from 103 (summer term 2020) to 110 (summer term 2021).  Income resources have increased by 1.9% during the year (2020: 23.7% increase).  The tuition centre generated income of £20,155 in its second year of operating (2020: £10,480). 

Resources expended have continued to be monitored and have shown a 7.05% decrease during the year (2020: 5.95% increase).  This is due to a decrease in staff members and therefore costs, from £520,630 to £461,031. 

St Philomena’s School provides seven fully funded bursaries.  These can be split into more part-funded bursaries. The School also provides six full scholarships for the academic life of the child.  In addition St Philomena’s operates a discount system offering reductions to families where multiple children attend the school as well as academic scholarships. 

As a Catholic School, the ethos is Christian, but children of all faiths, traditions and denominations are welcomed.  There are currently 26 Catholic pupils (23%). 

- 2 - 



## **ST PHILOMENA’S SCHOOL LIMITED** 

## **REPORT OF THE COUNCIL OF MANAGEMENT AS DIRECTORS OF THE COMPANY** 

____________________________________________________________________________ 

There are strong links with the local parish and community and members of the local community are invited to attend events throughout the year.  For example, the summer fete, Open Days, Remembrance service, and Christmas productions including a carol service and a Nativity performance.  Pupils are actively involved in community events such as participating in events organised by the local council such as Swim Safe and Crucial Crew, and other local events including the Octopus Ahoy Campaign of 2021, the Rotary Carol Service and the parish Carol Service. 

## **Plans for future periods** 

1. Set up a specialist room for the teaching of Science, including the purchase of resources and materials to enable the subject to be taught at greater depth. 

2. Create a new pre-Reception classroom to enable more pupils to start school early (the term after they turn 4 years old). 

3. Investigate whether there is demand to further expand the pre-Reception class to accept pupils from 3 years old. 

4. Develop the after school activities programme to include specialist sports coaching. 

5. Review the use of technology in school and establish whether there is a need for new equipment to enhance the learning experience of pupils. 

## **Reserves** 

The unrestricted reserves, as shown on page 9 are £496,842 (2020: £370,943). The Council of Management are aware that the Charities Commission recommendation for setting reserves policy is to reduce the reported funds by the value of fixed assets held for charitable purposes. Once this adjustment is made then there is a surplus of £90,379 (2020: deficit of £16,755) on unrestricted reserves at the year end. The Council of Management’s policy is that the adjusted reserves figure should be around 3 months running costs (unrestricted expenditure on charitable activities). Based on the results in the current year this is £182,668. While the target level of reserves has not yet been reached the Council of Management are pleased with the progress made towards reaching the desired level during the year and are looking to continue this in the coming months. 

The Council of Management take comfort at the year-end position from the fact that the Freehold Property is unencumbered by debt so could be used as collateral to finance a shortterm funding requirement. 

A strategic plan is in place to promote the school to a wider audience and create opportunities to utilise the school premises for those in the wider community. 

____________________________________________________________________________ 

- 3 - 



## **ST PHILOMENA’S SCHOOL LIMITED** 

## **REPORT OF THE COUNCIL OF MANAGEMENT AS DIRECTORS OF THE COMPANY** 

____________________________________________________________________________ 

## **Risk management** 

The Council of Management have examined major strategic, governance, business, financial and operational risks which the charitable company may face and have implemented the appropriate systems and monitoring to mitigate these. The potential reduction in pupils is the major risk to the charitable company.  The charitable company promotes itself strongly in its catchment area and sets fees at affordable levels.  The financial controls in place include monthly reporting against budget, and a strong accountability framework.  Staff and the Council of Management are involved in reviewing and managing risk.  Internal financial controls conform to guidelines issued by the Charity Commission.  The charitable company holds insurance against all normal risks and also against loss of premises. 

## **Fundraising** 

The work put in by those connected with the school on fundraising is acknowledged with thanks. 

## **Pay policy for senior staff** 

The School has its own pay scale for teachers which is reviewed annually. 

## **Council of Management** 

The Council of Management during the year under review has comprised: 

Mrs J Geldard Mrs S M Vincent Mr A W Davidson Mrs A O’Sullivan Sister McElwaine Mrs M Fuller Dr J A F Geldard Fr Frank Jackson Mr M Ketterer (Resigned 31 August 2021) Mr D Harman-Page Mr A Ong Mr L Townsend Mrs V Bridges (Resigned 31 August 2021) 

Members of the Association are either co-opted during the course of the year or invited annually to stand for election to the Council of Management.  Membership is confirmed by simple majority vote at the Annual General Meeting.  In accordance with the Articles of Association, one third of the members of the Council are required to retire by rotation and seek re-election. 

The head teacher and three members of staff are invited to attend Council of Management meetings. 

____________________________________________________________________________ 

- 4 - 



## **ST PHILOMENA’S SCHOOL LIMITED** 

## **REPORT OF THE COUNCIL OF MANAGEMENT AS DIRECTORS OF THE COMPANY** 

____________________________________________________________________________ 

All new members of the Council of Management have access to a Governor’s Manual that sets out all the policies and procedures of the school and details the obligations, expectations and conduct of all members of the Council.  New members are also required to attend an induction course and read and sign a Code of Conduct for Governors. Governors have completed courses run by AGBIS. 

The Council of Management and other people concerned with the wellbeing of the School give their time at no cost to the School and to events connected therewith. Insurance cover exists to cover the legal liability of the members of the Council of Management. 

## **Council of Management’s responsibilities for the financial statements** 

The Council of Management (who are also directors of St Philomena’s School Limited for the purposes of company law) are responsible for preparing the Report of the Council of Management and the financial statements in accordance with applicable law and regulations. 

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

In preparing those financial statements, the Council of Management are required to: 

- 

   - select suitable accounting policies and then apply them consistently; 

- observe the methods and principles in the Charities SORP; 

- make judgements and estimates that are reasonable and prudent; 

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

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

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

__________________________________________________________________________ 

- 5 - 



## **ST PHILOMENA’S SCHOOL LIMITED** 

## **REPORT OF THE COUNCIL OF MANAGEMENT AS DIRECTORS OF THE COMPANY** 

____________________________________________________________________________ 

## **Independent Examiner** 

Tim O’Connor of Scrutton Bland LLP Chartered Accountants was appointed as Independent Examiner to the charitable company and has expressed his willingness to continue in that capacity as Independent Examiner of the charitable company. 

## **Accounting exemptions** 

Advantage is taken in the preparation of the Council of Management report of the special provisions contained in Part 15 of the Companies Act 2006, relating to small companies. 

Signed by order of the Council 

## **Mrs J Geldard** 

Chairman of Council of Management 

Approved by the Council of Management on 

____________________________________________________________________________ 

- 6 - 



## **INDEPENDENT EXAMINER’S REPORT TO THE MEMBERS OF ST PHILOMENA’S SCHOOL LIMITED** 

____________________________________________________________________________ 

I report to the Council of Management (who are also directors for the purpose of company law) on my examination of the financial statements of St Philomena’s School Limited (‘the charitable company’) for the year ended 31 August 2020 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and related notes. 

This report is made solely to the Council of Management, as a body, in accordance with Section 145 of the Charities Act 2011. My work has been undertaken so that I might state to the Council of Management those matters I am required to state to them in this report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charitable company and the Council of Management as a body, for my work, for this report, or for the opinions I have formed. 

## **Responsibilities and basis of report** 

As members of the Council of Management you are responsible for the preparation of financial statements in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’). 

Having satisfied myself that the financial statements of the charitable company are not required to be audited under Part 16 of the Act and are eligible for independent examination, I report in respect of my examination of the charitable company’s financial statements carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’) and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. 

An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters than an auditor considers in giving their opinion on the financial statements.  The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide.  Consequently I express no opinion as to whether the financial statements present a ‘true and fair’ view and my report is limited to those specific matters set out in the independent examiner’s statement. 

____________________________________________________________________________ 

- 7 - 



## **INDEPENDENT EXAMINER’S REPORT TO THE MEMBERS OF ST PHILOMENA’S SCHOOL LIMITED** 

____________________________________________________________________________ 

## **Independent examiner's statement** 

Since the charitable company’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of ICAEW, which is one of the listed bodies. 

I have completed my examination.  I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 

-  accounting records were not kept in respect of the charitable company as required by section 386 of the 2006 Act;  or 

-  the financial statements do not accord with those records;  or 

-  the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the financial statements give a ‘true and fair’ view which is not a matter considered as part of an independent examination;  or 

-  the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). 

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached. 

Tim O’Connor ACA FCCA DChA 

Scrutton Bland LLP Chartered Accountants 820 The Crescent Colchester Business Park Colchester Essex CO4 9YQ 

Date: 

____________________________________________________________________________ 

- 8 - 



## **ST PHILOMENA’S SCHOOL LIMITED** 

## **STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) YEAR ENDED 31 AUGUST 2021** 

|**STATEMENT OF FINANCIAL ACTIVITIES**<br>**(INCLUDING INCOME AND EXPENDITURE ACCOUNT)**<br>**YEAR ENDED 31 AUGUST 2021**|**STATEMENT OF FINANCIAL ACTIVITIES**<br>**(INCLUDING INCOME AND EXPENDITURE ACCOUNT)**<br>**YEAR ENDED 31 AUGUST 2021**|**STATEMENT OF FINANCIAL ACTIVITIES**<br>**(INCLUDING INCOME AND EXPENDITURE ACCOUNT)**<br>**YEAR ENDED 31 AUGUST 2021**|**STATEMENT OF FINANCIAL ACTIVITIES**<br>**(INCLUDING INCOME AND EXPENDITURE ACCOUNT)**<br>**YEAR ENDED 31 AUGUST 2021**|**STATEMENT OF FINANCIAL ACTIVITIES**<br>**(INCLUDING INCOME AND EXPENDITURE ACCOUNT)**<br>**YEAR ENDED 31 AUGUST 2021**|**STATEMENT OF FINANCIAL ACTIVITIES**<br>**(INCLUDING INCOME AND EXPENDITURE ACCOUNT)**<br>**YEAR ENDED 31 AUGUST 2021**|
|---|---|---|---|---|---|
|____________________________________________________________________________||||||
|||**Unrestricted**|**Restricted**|**Total**|**Total**|
|||**funds**|**funds**|**funds**|**funds**|
||**Notes**|**2021**|**2021**|**2021**|**2020**|
|||**£**|**£**|**£**|**£**|
|**Income from:**||||||
|Donations:||||||
|General donations||**905**|**907**|**1,812**|10,237|
|Government grants||**2,898**|**-**|**2,898**|31,412|
|Charitable activities:||||||
|Term fees||**801,995**|**-**|**801,995**|757,091|
|Pupil extras||**30,133**|**-**|**30,133**|35,275|
|Other trading activities||**20,618**|**-**|**20,618**|7,581|
|Investments||**21**|**-**|**21**|185|
|||-----------------------------------------------------|-----------------------------------------------------|----------------------------------------------------|-----------------------------------------------------|
|**Total income**||**856,570**|**907**|**857,477**|841,781|
|||-----------------------------------------------------|-----------------------------------------------------|-----------------------------------------------------|-----------------------------------------------------|
|**Expended on:**||||||
|Raising funds|3|**-**|**-**|**-**|56|
|Charitable activities|4|**730,671**|**1,782**|**732,453**|787,926|
|||-----------------------------------------------------|-----------------------------------------------------|-----------------------------------------------------|-----------------------------------------------------|
|**Total expenditure**||**730,671**|**1,782**|**732,453**|787,982|
|||-----------------------------------------------------|-----------------------------------------------------|-----------------------------------------------------|-----------------------------------------------------|
|**Net income/(expenditure)**||**125,899**|**(875)**|**125,024**|53,799|
|Transfer between funds||**-**|**-**|**-**|-|
|||-----------------------------------------------------|-------------------------------------------------|-----------------------------------------------------|-----------------------------------------------------|
|**Net movement in funds**||**125,899**|**(875)**|**125,024**|53,799|
|**Total funds brought forward**||||||
|**at 1 September 2020**||**370,943**|**875**|**371,818**|318,019|
|||-----------------------------------------------------|-------------------------------------------------|-----------------------------------------------------|-----------------------------------------------------|
|**Total funds carried forward**||||||
|**at 31 August 2021**||**£ 496,842**|**£ -**|**£ 496,842**|<br>£ 371,818|
|||==================|_================_|=================|_=================_|



The statement of financial activities includes all gains and losses recognised in this and the prior year. 

All activities relate to continuing operations. 

Included within donations income for 2020 is £4,440 in respect of restricted income. Included within expenditure on charitable activities for 2020 is £2,450 in respect of restricted expenditure. 

___________________________________________________________________________ 

- 9 - 



## **ST PHILOMENA’S SCHOOL LIMITED** 

## **BALANCE SHEET AS AT 31 AUGUST 2021** 

|**BALANCE SHEET**<br>**AS AT 31 AUGUST 2021**<br>|**BALANCE SHEET**<br>**AS AT 31 AUGUST 2021**<br>|**BALANCE SHEET**<br>**AS AT 31 AUGUST 2021**<br>|**BALANCE SHEET**<br>**AS AT 31 AUGUST 2021**<br>|
|---|---|---|---|
|____________________________________________________________________________||||
||**Notes**|**2021**|**2020**|
|||**£**|**£**|
|**Tangible fixed assets**|7|**406,463**|387,698|
|||---------------------------------------------------|---------------------------------------------------|
|**Current assets**||||
|Stock – books||**2,000**|2,000|
|Stock – consumable||**361**|361|
|Debtors and prepayments|8|**2,878**|4,662|
|Cash at bank and in hand||**332,298**|229,001|
|||---------------------------------------------------|---------------------------------------------------|
|||**337,537**|236,024|
|**Creditors: amounts falling due**||||
|**within one year**|9|**(247,158)**|(251,904)|
|||---------------------------------------------------|---------------------------------------------------|
|**Net current assets/(liabilities)**||**90,379**|(15,880)|
|||---------------------------------------------------|---------------------------------------------------|
|**Total assets less current liabilities**||**496,842**|371,818|
|||---------------------------------------------------|---------------------------------------------------|
|**Net assets**||**£ 496,842**|£ 371,818|
|||================|================|
|**Funds**||||
|Unrestricted funds|16|**496,842**|370,943|
|Restricted funds|17|**-**|875|
|||---------------------------------------------------|---------------------------------------------------|
|||**£ 496,842**|£ 371,818|
|||=================|_==============_|



The Council of Management consider that the charitable company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 (“the Act”) and members have not required the charitable company to obtain an audit for the year in question in accordance with section 476 of the Act. 

Advantage is taken in the preparation of the financial statements of the special provisions contained in Part 15 of the Companies Act 2006, relating to small companies.  In the Council of Management’s opinion the charitable company is entitled to those exemptions as a small company. 

The financial statements were approved by the Council of Management on 

**Mrs J Geldard Mrs M Fuller** Chairman of Council of Management Member of Council of Management 

Company registration number: 02071112 

____________________________________________________________________________ 

- 10 - 



## **ST PHILOMENA’S SCHOOL LIMITED** 

## **STATEMENT OF CASH FLOWS YEAR ENDED 31 AUGUST 2021** 

____________________________________________________________________________ 

||**2021**|**2020**|
|---|---|---|
||**£**|**£**|
|**Cash flows from operating activities**|||
|Net movement in funds|**125,024**|53,799|
|Depreciation|**14,419**|12,922|
|Interest income|**(21)**|(185)|
|Decrease in debtors|**1,784**|2,148|
|(Increase)/decrease in creditors|**(4,746)**|58,340|
||---------------------------------------------------|---------------------------------------------------|
|**Net cash generated from operating activities**|**136,460**|127,024|
||---------------------------------------------------|---------------------------------------------------|
|**Cash flows from investing activities**|||
|Interest income|**21**|185|
|Purchase of tangible fixed assets|**(33,184)**|(4,743)|
||---------------------------------------------------|---------------------------------------------------|
|**Net cash used from investing activities**|**(33,163)**|(4,558)|
||---------------------------------------------------|---------------------------------------------------|
|**Increase in cash and cash equivalents**|||
|**in the year**|**103,297**|122,466|
|**Cash and cash equivalents brought forward**|**229,001**|106,535|
||---------------------------------------------------|---------------------------------------------------|
|**Cash and cash equivalents carried forward**|**£ 332,298**|£ 229,001|
||=================|_=================_|



____________________________________________________________________________ 

- 11 - 



## **ST PHILOMENA’S SCHOOL LIMITED** 

## **NOTES TO FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2021** 

____________________________________________________________________________ 

## **1.1 GENERAL INFORMATION** 

St Philomena’s School Limited is a private company limited by guarantee without share capital, incorporated in England and Wales, registration number 02071112.  The address of the registered office is St. Philomena’s School, Hadleigh Road, Frinton on Sea, Essex CO13 9HQ. 

## **1.2 ACCOUNTING POLICIES** 

The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the year. 

## _**Basis of accounting**_ 

The financial statements have been prepared in accordance with the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019) – (Charities SORP (FRS102)) and the Charities Act 2011. 

The financial statements have been prepared under the historical cost convention. 

The financial statements include all transactions, assets and liabilities for which the charitable company is responsible in law. 

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

The Council of Management consider that there are no material uncertainties about the Association’s ability to continue as a going concern, despite the ongoing restrictions in respect of the Covid-19 pandemic. 

The financial statements are prepared in pounds sterling and rounded to the nearest £1. 

## _**Income**_ 

All incoming resources are included in the statement of financial activities when the charitable company is legally entitled to the income and the amount can be quantified with reasonable accuracy. 

Income is deferred only when the charitable company has to fulfil conditions before becoming entitled to it or where the donor has specified that the income is to be expended in a future period. 

## _**Gifts and donations**_ 

These are accounted as received and include gifts and subsidies in kind accounted at value to the school. 

____________________________________________________________________________ 

- 12 - 



## **ST PHILOMENA’S SCHOOL LIMITED** 

## **NOTES TO FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2021** 

____________________________________________________________________________ 

## **1.2 ACCOUNTING POLICIES – (continued)** 

## _**Grants**_ 

Grants for specific purposes are accounted for when received and relevant expenditure of the grant is recognised when made. 

## _**Fund Accounting**_ 

Unrestricted funds are funds which are available for use at the discretion of the members of the Council of Management in furtherance of the general objectives of the charitable company and which have not been designated for any other purpose. 

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors which have been gifted to the charitable company for particular purposes. The use of each restricted fund is set out in the notes to the financial statements. Restricted funds are monies advanced to the charitable company for use on specific projects. 

## _**Expenditure**_ 

Expenditure is recognised in the Statement of Financial Activities when a liability is incurred. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs relating to the activity. 

Charitable activities include expenditure incurred in the governance of the charitable company and its assets. These are primarily associated with constitutional and statutory requirements. 

## _**Tangible fixed assets**_ 

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

- Freehold property 2% straight line Improvements to property - 2% straight line - Fixtures and fittings 15% reducing balance - IT equipment 20% straight line Office equipment - 15% reducing balance 

## _**Stock**_ 

Consumable stock is valued at the lower of cost or economic use to the school. 

Stock of books is an allocation of the payment to the Sisters of Our Lady of Mercy for the school assets and remains a constant item with all subsequent purchases being charged to revenue. 

_________________________________________________________________________ 

- 13 - 



## **ST PHILOMENA’S SCHOOL LIMITED** 

## **NOTES TO FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2021** 

____________________________________________________________________________ 

## **1.2 ACCOUNTING POLICIES – (continued)** 

## _**Taxation**_ 

St Philomena’s School Limited is a charity within the meaning of the Charities Act 2011 and as such is a charity within the meaning of Part 11, Corporation Tax Act 2010. Accordingly St Philomena’s School Limited is potentially exempt from taxation in respect of income or gains received within categories covered by Part 11, Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that such income or gains are applied exclusively to its charitable purposes. 

## _**Operating leases**_ 

Rentals under operating leases are charged through the statement of financial activities on a straight line basis over the lease term. 

## _**Pensions**_ 

During the year to 31 August 2002 a Group Personal Pension Scheme was commenced. The scheme is a defined contribution scheme.   The costs are accounted as due. 

On 1 May 2009 the company joined the Teachers Pension scheme (TPS). 

Full time and part time teaching staff employed under a contract of service are eligible to contribute to the Teachers’ Pension Scheme (TPS).  The TPS, a statutory, contributory, final salary scheme is administered by Capita Teachers Pensions on behalf of the Department for Education and Skills. 

Under the definitions set out by Financial Reporting Standard (FRS) 102 Retirement Benefits, the TPS is a multi-employer pension scheme. The School is unable to identify its share of the underlying (notional) assets and liabilities of the scheme. Accordingly, the School has taken advantage of the exemption available in FRS 102. 

## _**Government Grants**_ 

Government grants relate to claims made under the Job Retention Scheme introduced following the restrictions placed on activity, as a result of the Covid-19 pandemic. Income from grants are included once a claim has successfully been processed. 

____________________________________________________________________________ 

- 14 - 



## **ST PHILOMENA’S SCHOOL LIMITED** 

## **NOTES TO FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2021** 

____________________________________________________________________________ 

## **1.2 ACCOUNTING POLICIES – (continued)** 

## _**Financial instruments**_ 

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets or financial liabilities: 

- Short term debtors (financial assets) are measured at the transaction price. 

- Short term creditors and loans (financial liabilities) are measured at the transaction price. 

The charitable company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. 

## **2 SIGNIFICANT JUDGEMENTS AND ESTIMATES** 

The more significant judgements and estimates involved in the preparation of the financial statements include assessing the depreciation rates applicable to tangible fixed assets and the way which certain costs should be apportioned.  Further details regarding these points are included within the accounting policies. 

## **3 EXPENDITURE ON RAISING FUNDS** 

||**Unrestricted**|**Total**|**Total**|
|---|---|---|---|
||**funds**|**funds**|**funds**|
||**2021**|**2021**|**2020**|
|Fundraising costs|**£ -**|**£ -**|£ 56|
||_================_|================|_================_|



____________________________________________________________________________ 

- 15 - 



## **ST PHILOMENA’S SCHOOL LIMITED** 

## **NOTES TO FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2021** 

____________________________________________________________________________ 

## **4 EXPENDITURE ON CHARITABLE ACTIVITIES** 

||**Unrestricted**|**Restricted**|**Total**|**Total**|
|---|---|---|---|---|
||**funds**|**funds**|**funds**|**funds**|
||**2021**|**2021**|**2021**|**2020**|
||**£**|**£**|**£**|**£**|
|Bursaries and other fee discounts|**131,586**|**-**|**131,586**|127,248|
|Teaching salaries and self-employed|||||
|tutors|**425,564**|**-**|**425,564**|475,449|
|Rent, rates and insurance|**24,761**|**-**|**24,761**|25,772|
|Heat and light|**7,762**|**-**|**7,762**|6,227|
|Textbooks|**7,534**|**-**|**7,534**|5,319|
|Outings|**8,195**|**-**|**8,195**|10,444|
|Travelling|**2,879**|**-**|**2,879**|5,201|
|Supplies excluding textbooks|**9,829**|**-**|**9,829**|6,673|
|Depreciation|**14,419**|**-**|**14,419**|12,922|
|Repairs and renewals|**12,705**|**-**|**12,705**|12,690|
|Non-teaching wages|**55,489**|**-**|**55,489**|55,988|
|Telephone and internet|**1,107**|**-**|**1,107**|1,030|
|Postage, stationery and advertising|**2,580**|**-**|**2,580**|3,878|
|Staff welfare and cleaning|**4,262**|**-**|**4,262**|11,450|
|Sundries|**6,532**|**1,782**|**8,314**|12,093|
|Professional training and|||||
|subscriptions|**3,212**|**-**|**3,212**|2,558|
|Rent of office equipment|**4,484**|**-**|**4,484**|3,416|
|Book-keeping|**534**|**-**|**534**|678|
|Bank charges|**1,217**|**-**|**1,217**|1,926|
|Bad debt provision|**(93)**|**-**|**(93)**|1,031|
|Human resources advisory costs|**3,000**|**-**|**3,000**|2,999|
|Professional fees|**363**|**-**|**363**|-|
|Independent examination costs|**2,750**|**-**|**2,750**|2,934|
||**-----------------------------------------------------**|**-----------------------------------------------------**|**-----------------------------------------------------**|-----------------------------------------------------|
||**£ 730,671**|**£ 1,782**|**£ 732,453**|£ 787,926|
||==================|_==================_|==================|_=================_|



Included within expenditure on charitable activities for 2020 is £2,450 in respect of restricted expenditure. This is all relating to sundries. 

Included within the above is £3,113 (2020: £2,934) of governance costs, which comprises of professional fees and independent examination costs. 

____________________________________________________________________________ 

- 16 - 



## **ST PHILOMENA’S SCHOOL LIMITED** 

## **NOTES TO FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2021** 

## **5 NET INCOME/(EXPENDITURE)** 

Net income/(expenditure) for the year is stated after charging: 

||**2021**|**2020**|
|---|---|---|
||**£**|**£**|
|Rent of premises|**10,000**|10,000|
|Depreciation|**14,419**|12,922|
|Independent examination|**2,750**|2,934|
|Office equipment rental|**4,484**|3,416|
||================|================|



## **6 STAFF COSTS** 

||**2021**|**2020**|
|---|---|---|
||**£**|**£**|
|Wages and salaries costs|**366,786**|411,806|
|Employer’s national insurance costs|**28,492**|33,613|
|Employer’s pension costs|**65,753**|75,211|
||----------------------------------------------|----------------------------------------------|
|Total employment costs|**£ 461,031**|£ 520,630|
||================|==============|



The gross employment costs of key management personnel, which includes employer’s national insurance, was: 

|Gross employment costs|**£ 68,140**|£ 64,794|
|---|---|---|
||================|==============|



In the current year, 1 employee received emoluments between £60,001 and £70,000 (2020: no employee received emoluments of more than £60,000). The average monthly number of employees in the year was 17 (2020: 19). 

No members of the Council of Management received remuneration during the year. 

____________________________________________________________________________ 

- 17 - 



## **ST PHILOMENA’S SCHOOL LIMITED** 

## **NOTES TO FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2021** 

_____________________________________________________________________________________________________________________________ 

## **7 FIXED ASSETS** 

|**7 FIXED ASSETS**||||||||||
|---|---|---|---|---|---|---|---|---|---|
|||**Capital**||**Capital**||||||
|||**improvements**||**improvements**||**Equipment**||||
||**Clover**|**to Clover**|**Jubilee**|**to Jubilee**||**fixtures**|**IT**|**Bicycle**||
||**House**|**House**|<br>**House**|**House**|**Minibus**|**and fittings**|**equipment**|**shed**|**Total**|
||**£**|**£**|**£**|**£**|**£**|**£**|**£**|**£**|**£**|
|**Cost**||||||||||
|At 1 September 2020|122,374|60,321|330,970|92,021|22,325|45,189|41,737|7,912|722,849|
|Additions|-|21,416|-|-|8,000|3,319|449|-|33,184|
|Disposals||||||(17,204)|(27,766)|(7,912)|(52,882)|
||---------------------------------------------------|---------------------------------------------------|---------------------------------------------------|---------------------------------------------------|---------------------------------------------------|---------------------------------------------------|---------------------------------------------------|---------------------------------------------------|---------------------------------------------------|
|At 31 August 2021|**122,374**|**81,737**|**330,970**|**92,021**|**30,325**|**31,304**|**14,420**|**-**|**703,151**|
||---------------------------------------------------|---------------------------------------------------|---------------------------------------------------|---------------------------------------------------|---------------------------------------------------|---------------------------------------------------|---------------------------------------------------|---------------------------------------------------|---------------------------------------------------|
|**Depreciation**||||||||||
|At 1 September 2020|58,787|28,288|117,489|20,832|22,325|40,351|39,167|7,912|335,151|
|Charged in year|2,447|1,258|6,619|1,841|933|733|588|-|14,419|
|Disposals||||||(17,204)|(27,766)|(7,912)|(52,882)|
||---------------------------------------------------|---------------------------------------------------|---------------------------------------------------|---------------------------------------------------|---------------------------------------------------|---------------------------------------------------|---------------------------------------------------|---------------------------------------------------|---------------------------------------------------|
|At 31 August 2021|**61,234**|**29,546**|**124,108**|**22,673**|**23,258**|**23,880**|**11,989**|**-**|**296,688**|
||---------------------------------------------------|---------------------------------------------------|---------------------------------------------------|---------------------------------------------------|---------------------------------------------------|---------------------------------------------------|---------------------------------------------------|---------------------------------------------------|---------------------------------------------------|
|**Written down value**||||||||||
|At 31 August 2021|**£ 61,140**|**£ 52,191**|**£206,862**|**£ 69,348**|**£ 7,067**|**£ 7,424**|**£ 2,431**|**£ -**|**£ 406,463**|
||==============|==============|==============|==============|==============|==============|==============|==============|==============|
|At 31 August 2020|£ 63,587|£ 32,033|£ 213,481|£ 71,189|£  -|£ 4,838|£ 2,570|£  -|£ 387,698|
||==============|==============|==============|==============|==============|==============|==============|==============|==============|



The fixed assets are all used for the charitable purposes of the company. 

Following a review of fixed assets certain historical items that have previously been disposed of were written off. 

____________________________________________________________________________________________________________________________ 

- 18 - 



## **ST PHILOMENA’S SCHOOL LIMITED** 

## **NOTES TO FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2021** 

## **8 DEBTORS AND PREPAYMENTS** 

|**8**|**DEBTORS AND PREPAYMENTS**|||
|---|---|---|---|
|||**2021**|**2020**|
|||**£**|**£**|
||Outstanding fees|**-**|1,493|
||Prepayments|**2,878**|3,169|
|||----------------------------------------------|----------------------------------------------|
|||**£ 2,878**|£ 4,662|
|||================|==============|
|**9**|**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**|||
|||**2021**|**2020**|
|||**£**|**£**|
||Trade creditors|**6,070**|3,783|
||Accruals|**4,400**|2,940|
||Social security and other taxes|**7,652**|7,704|
||Other creditors|**7,351**|8,813|
||Receipts in advance|**176,085**|189,664|
||Parents held deposits|**45,600**|39,000|
|||---------------------------------------------------|---------------------------------------------------|
|||**£ 247,158**|£ 251,904|
|||=================|=================|



## **10 SHARE CAPITAL** 

The charitable company does not have any share capital and is limited by guarantee of the members with individual liabilities of £1. 

## **11 RELATED PARTY TRANSACTIONS** 

During the year no transactions were undertaken with companies from which members of the Council of Management are connected. 

Children of members of The Council of Management attend the school on normal terms, including rights to scholarships. No Children of members of The Council of Management currently receive a scholarship. 

No expenses were reimbursed to members of the Council. 

____________________________________________________________________________ 

- 19 - 



## **ST PHILOMENA’S SCHOOL LIMITED** 

## **NOTES TO FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2021** 

____________________________________________________________________________ 

## **12 OPERATING LEASE COMMITMENTS** 

At 31 August 2021 the company had total commitments under non-cancellable operating leases as follows: 

||**2021**|**2020**|
|---|---|---|
||**£**|**£**|
|Expiry date:|||
|Within one year|**12,083**|10,000|
|Between two and five years|**60,000**|57,083|
|Over five years|**108,750**|123,750|
||---------------------------------------------------|---------------------------------------------------|
||**£ 180,833**|£ 190,833|
||================|================|



During the year, the company incurred expenditure of £10,582 (2020: £10,888) relating to operating leases. 

## **13 PENSION COMMITMENTS** 

At 31 August 2021 the annual pension contributions paid totalled £65,753 (2020: £75,211). Included in other creditors is an amount of £7,209 in relation to accrued pension contributions (2020: £8,681). 

## **14 ANALYSIS OF CHANGES IN NET DEBT** 

**Balance at  1 Other Balance at September non-cash 31 August 2020 Cash flows changes 2021 £ £ £ £** Cash **£ 229,001 103,297 - £ 332,298** ================== ================== ================== ================== 

____________________________________________________________________________ 

- 20 - 



## **ST PHILOMENA’S SCHOOL LIMITED** 

## **NOTES TO FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2021** 

____________________________________________________________________________ 

## **15 TEACHERS’ PENSION SCHEME** 

The TPS is an unfunded scheme.  Contributions on a ‘pay-as-you-go’ basis are credited to the exchequer under arrangements governed by the Superannuation Act 1972.  Actuarial valuations are carried out on a notional set of investments. 

Under the definitions set out in Financial Reporting Standard (FRS) 102 Retirement Benefits, the TPS is a multi-employer pension scheme.  St Philomena’s School Limited is unable to identify its share of the underlying (notional) assets and liabilities of the scheme. Accordingly, St Philomena’s School Limited has taken advantage of the exemption in FRS 102 and has accounted for its contributions to the scheme as if it were a defined contributions scheme.  St Philomena’s School Limited has set out below the information available on the scheme and the implications for the School in terms of the anticipated contribution rates. 

The pensions cost is assessed every three years in accordance with the advice of the government actuary.  The assumptions and other data that have the most significant effect on the determination of the contribution levels are as follows: 

|Latest actuarial valuation|31 March 2016|
|---|---|
|Actuarial method|prospective benefits|
|Salary scale increases per annum|4.2%|
|Pension increase per annum|2.0%|
|Value of notional assets at date of last valuation (the Account)||
|(estimated future contributions together with notional||
|investments held at 31 March 2016)|£196,100 million|
|Value of notional liabilities at date of last valuation (pensions||
|currently in payment and the estimated future costs of benefits)|£218,100 million|
|Balance of Scheme assets and liabilities at 31 March 2016|£(22,000) million|
|Proportion of members’ accrued benefits covered by the||
|notional value of the assets|89.91%|



Following the implementation of the Teacher’s Pension (Employer’s Supplementary Contributions) Regulations 2000, the Government Actuary carried out a further review on the level of employer contributions.  For the period from 1 May 2009, when the School joined the scheme, the employer contribution was 14.1%.  The employee rate was between 6.4% and 12.4% for the same period. The employer contribution rate was fixed at 16.4% from September 2015 but increased to 23.68%, from 1 September 2019. 

(2020: £100,282) of which employers’ contributions totalled £64,696 (2020: £73,177) and employees’ contributions totalled £24,298 (2020: £27,105). 

____________________________________________________________________________ 

- 21 - 



## **ST PHILOMENA’S SCHOOL LIMITED** 

## **NOTES TO FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2021** 

____________________________________________________________________________ 

## **16 UNRESTRICTED FUNDS** 

||**Balance at**||||**Balance at**|
|---|---|---|---|---|---|
||**1 September**|**Incoming**|**Outgoing**||**31 August**|
||**2019**|**resources**|**resources**|**Transfers**|**2020**|
|Unrestricted Fund|£ 317,008|**£ 837,341**|**£ 785,532**|**£ 2,126**|**£ 370,943**|
||================|================|================|================|================|
||**Balance at**||||**Balance at**|
||**1 September**|**Incoming**|**Outgoing**||**31 August**|
||**2020**|**resources**|**resources**|**Transfers**|**2021**|
|Unrestricted Fund|£ 370,943|**£ 856,570**|**£ 730,671**|**£ -**|**£ 496,842**|
||================|================|================|================|================|
|**RESTRICTED FUNDS**||||||
||**Balance at**||||**Balance at**|
||**1 September**|**Incoming**|**Outgoing**||**31 August**|
||**2019**|**resources**|**resources**|**Transfers**|**2020**|
|Miscellaneous donations|£ 1,011|**£ 4,440**|**£ 2,450**|**£ (2,126)**|**£ 875**|
||================|================|================|================|================|
||**Balance at**||||**Balance at**|
||**1 September**|**Incoming**|**Outgoing**||**31 August**|
||**2020**|**resources**|**resources**|**Transfers**|**2021**|
|Miscellaneous donations|£ 875|**£ 907**|**£ 1,782**|**£ -**|**£ -**|
||================|================|================|================|================|



## **17 RESTRICTED FUNDS** 

## **Miscellaneous donations** 

A number of other donations have been received which have all been fully expended under the terms of the restriction. 

__________________________________________________________________________ 

- 22 - 



## **ST PHILOMENA’S SCHOOL LIMITED** 

## **NOTES TO FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2021** 

____________________________________________________________________________ 

## **18  RECONCILIATION OF NET ASSETS BETWEEN FUNDS** 

||**Unrestricted**|**Restricted**|**Total**|
|---|---|---|---|
||**2021**|**2021**|**2021**|
||**£**|**£**|**£**|
|Fixed assets|**406,463**|**-**|**406,463**|
|Net current assets/(liabilities)|**90,379**|**-**|**90,379**|
||----------------------------------------------------|----------------------------------------------------|----------------------------------------------------|
||**£ 496,842**|**£ -**|**£ 496,842**|
||==================|==================|==================|



____________________________________________________________________________ 

- 23 - 



## **ST PHILOMENA’S SCHOOL LIMITED** 

## **DETAILED INCOME AND EXPENDITURE ACCOUNT YEAR ENDED 31 AUGUST 2021** 

____________________________________________________________________________ 

||**£**|**£**|**£**|
|---|---|---|---|
|**Income**||||
|Term fees||**801,995**|757,091|
|Pupil extras||**30,133**|35,275|
|||--------------------------------------------------|--------------------------------------------------|
|||**832,128**|792,366|
|||--------------------------------------------------|--------------------------------------------------|
|**Education expenditure**||||
|Bursaries and other fee discounts|**131,586**||127,248|
|Teaching salaries and costs|**425,564**||475,449|
|Rent, rates and insurance|**24,761**||25,772|
|Repairs and renewals|**12,705**||12,690|
|Textbooks etc.|**7,534**||5,319|
|Heat and light|**7,762**||6,227|
|School outings|**8,195**||10,444|
|Travelling|**2,879**||5,201|
|School supplies excluding textbooks|**9,829**||6,673|
||---------------------------------------------------||---------------------------------------------------|
||**630,815**||675,023|
||---------------------------------------------------||---------------------------------------------------|
|**Administration expenditure**||||
|Non-teaching wages|**55,489**||55,988|
|Telephone|**1,107**||1,030|
|Postage, stationery and advertising|**2,580**||3,878|
|Staff welfare and cleaning|**4,262**||11,450|
|Sundries|**8,314**||12,093|
|Audit and accountancy|**2,750**||2,934|
|Human resources advisory costs|**3,000**||2,999|
|Professional training and subscriptions|**3,212**||2,558|
|Rent of office equipment|**4,484**||3,416|
|Professional fees|**363**||-|
|Book-keeping and other office services|**534**||678|
|Bad debts|**(93)**||1,031|
||---------------------------------------------------||---------------------------------------------------|
||**86,002**||98,055|
||---------------------------------------------------||---------------------------------------------------|
|**Finance expenditure**||||
|Bank charges|**1,217**||1,926|
|Depreciation|**14,419**||12,922|
||---------------------------------------------------||---------------------------------------------------|
||**15,636**||14,848|
||---------------------------------------------------||---------------------------------------------------|
|||**732,453**|787,926|
|||---------------------------------------------------|---------------------------------------------------|
|Carried forward||**99,675**|4,440|



____________________________________________________________________________ 

- 24 - 



## **ST PHILOMENA’S SCHOOL LIMITED** 

## **DETAILED INCOME AND EXPENDITURE ACCOUNT YEAR ENDED 31 AUGUST 2021** 

____________________________________________________________________________ 

|||**2021**|**2020**|
|---|---|---|---|
||**£**|**£**|**£**|
|Brought forward||**99,675**|4,440|
|||---------------------------------------------------|---------------------------------------------------|
|**Other income**||||
|Sundry income|**20,618**||7,123|
|Government grants|**2,898**||31,412|
|Fund raising income|**-**||458|
|Donations received|**1,812**||10,237|
|Interest|**21**||185|
||--------------------------------------------------||--------------------------------------------------|
||**25,349**||49,415|
|Fund raising costs|**-**||56|
||---------------------------------------------------||---------------------------------------------------|
|||**25,349**|49,359|
|||---------------------------------------------------|---------------------------------------------------|
|**Net surplus for year**||**£ 125,024**|£ 53,799|
|||==================|_=================_|



____________________________________________________________________________ 

- 25 -