## **COMPANY REGISTRATION NUMBER 02071112** **CHARITY REGISTRATION NUMBER 298635** ## **ST PHILOMENA’S SCHOOL LIMITED** **ANNUAL REPORT AND FINANCIAL STATEMENTS** ## **31 AUGUST 2023** ## **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**|**-**|**11**| |Statement of financial activities|||| |(including income and expenditure account)||**12**|| |Balance sheet||**13**|| |Statement of cash flows||**14**|| |Notes to the financial statements|**15 -**||**26**| |_____________________________________|||| |**The following pages do not form part of the financial statements :**|||| |Detailed income and expenditure account|**27**|
**-**|**28**| ## **ST PHILOMENA’S SCHOOL LIMITED** ## **LEGAL AND ADMINISTRATIVE INFORMATION** ___________________________________________________________________________ |**Council of management**|Mrs J Geldard (Chairman)| |---|---| ||Mrs S M Vincent| ||Mr A W Davidson (resigned 8 June 2023)| ||Mrs A O’Sullivan| ||Sister McElwaine (resigned 23 November 2022)| ||Mrs M Fuller| ||Dr J A F Geldard| ||Mr A Ong| ||Mr L Townsend| ||Mrs C F Bareham (appointed 1 December 2022)| ||Ms B Howe (appointed 5 October 2023)| |**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 Auditor**|SB Audit LLP| ||Statutory Auditor| ||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 audited financial statements for the year ended 31 August 2023. 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 12. The assets of the charitable company are sufficient to fulfil its obligations. In the year under review the charitable company recorded a surplus of £249,659. The previous year showed a surplus of £222,757. The average number of pupils on role during the year was 126. Income resources have increased by 12.8% during the year. The tuition centre generated income of £20,725 in its fourth year of operating (2022: £21,175). Resources expended have continued to be monitored and have shown a 13.1% increase during the year (2022: 19.2% increase). St Philomena’s School provides six fully funded bursaries (these can be split into more partfunded bursaries) and three academic 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 a Catholic School, the ethos is Christian, but children of all faiths are welcomed. There are currently 23 Catholic pupils (21%). A further 13 pupils are due to be welcomed into the Catholic Church in the academic year 2023-2024. ____________________________________________________________________________ - 2 - ## **ST PHILOMENA’S SCHOOL LIMITED** ## **REPORT OF THE COUNCIL OF MANAGEMENT AS DIRECTORS OF THE COMPANY** ____________________________________________________________________________ Despite being a non-selective school, the academic performance of pupils at St Philomena’s is above national expectations. In the year 2022-2023 96% of pupils met or exceeded the expected standard in reading, 78% in writing and 92% in Maths. An extensive after school enrichment programme has been developed to increase pupils’ understanding of the world and introduce them to new skills and interests. In the year 2022-2023 an average of twenty two enrichment activities were offered after school each week for pupils from Reception to Year 6. 95% of pupils participated, each attending one or more activity throughout the school week. 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, Open Days, Remembrance service and Christmas productions including a carol service and Nativity performances. Pupils are actively involved in community events, participating in events organised by the local council such as Swim Safe and Crucial Crew, undertaking beach cleans and singing and performing for the elder members of the community at local churches. ## **Plans for future periods** 1. Continue to develop the Lower School garden so it can be used both as an all-weather outdoor learning environment for Reception class and an outside play area for Reception, Year 1 and Year 2. 2. Purchase specialist teaching resources and materials to enable the computing curriculum to be taught at greater depth. 3. Create a new entrance and sensory garden to the front of the School house located in St Mary’s Road. 4. Create a new multi-purpose room in the main building for specialist curriculum lessons. 5. Expand childcare provision during the school holidays. ## **Reserves** The unrestricted reserves, as shown on page 12 are £968,750 (2022: £718,541). 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 £552,965 (2022: surplus of £316,163) on unrestricted reserves at the year end. The Council of Management’s policy is to build up a premises reserve of £50,000 and a general reserve to cover twelve months running costs (unrestricted expenditure on charitable activities). While the target level of reserves has not yet been reached the Council of Management are pleased with the progress made toward 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 and from the fact that the Freehold Property is unencumbered by debt so could be used as collateral to finance a shortterm funding requirement. ____________________________________________________________________________ - 3 - ## **ST PHILOMENA’S SCHOOL LIMITED** ## **REPORT OF THE COUNCIL OF MANAGEMENT AS DIRECTORS OF THE COMPANY** ____________________________________________________________________________ A strategic plan remains in place to promote the school to a wider audience and create opportunities to utilise the school premises for those in the wider community. ## **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 (resigned 8 June 2023) Mrs A O’Sullivan Sister McElwaine (resigned 23 November 2022) Mrs M Fuller Dr J A F Geldard Mr A Ong Mr L Townsend Mrs C Bareham (appointed 1 December 2022) 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 headteacher, deputy headteacher and business manager 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 Indèpendgnl Audltor SB Audil LLP Chhrleied Accountonts were appoinled as Independent Auditor lo th8 charitabl8 company and have èxpressed Ihelr wllin9ness lo ¢onllnu& In Ihal capaclty as Independent Avdllor ol the Charitab￿ company. Aceounllng •x•mptlons In preparin9 ihls report Ihe Coun¢il ol ma￿geMent have tskon advanlage ol $mo11 ¢L￿panIeS exomplkns pn>vlded by 415A ol the Companles Acl 2(￿. Signed by order of th• Ctyjndl Mrs J Geldard Chalrman of Council of Manag8m•nt Approvod by th• Council of Management on 2S 11. 20Z ## **INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF ST PHILOMENA’S SCHOOL LIMITED** ____________________________________________________________________________ ## **Opinion** We have audited the financial statements of St Philomena’s School Limited (‘the charitable company’) for the year ended 31 August 2023 which comprise the Statement of Financial Activities (including the Income and Expenditure Account), Balance Sheet, Statement of Cash Flows, and related notes to the financial statements. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements: -  give a true and fair view of the state of the Charitable Company’s affairs as at 31 August 2023 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; -  have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and -  have been prepared in accordance with the requirements of the Companies Act 2006. ## **Basis for opinion** We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Charitable Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. ## **Conclusions relating to going concern** In auditing the financial statements, we have concluded that the Council of Management’s 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 entity'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 Council of Management with respect to going concern are described in the relevant sections of this report. ____________________________________________________________________________ - 7 - ## **INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF ST PHILOMENA’S SCHOOL LIMITED** ____________________________________________________________________________ ## **Other information** The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. The Council of Management are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. ## **Opinions on other matters prescribed by the Companies Act 2006** In our opinion, based on the work undertaken in the course of the audit: -  the information given in the Report of the Council of Management, which includes the Directors’ Report prepared for company law purposes, for the financial year for which the financial statements are prepared is consistent with the financial statements; and -  the Report of the Trustees and the Directors’ Report included within the Report of the Council of Management has been prepared in accordance with applicable legal requirements. ## **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 Council of Management. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion **:** -  adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or -  the financial statements are not in agreement with the accounting records and returns; or -  certain disclosures of the Council of Management’s remuneration specified by law are not made; or -  we have not received all the information and explanations we require for our audit; or ____________________________________________________________________ - 8 - **INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF ST PHILOMENA’S SCHOOL LIMITED** ____________________________________________________________________________ -  the Council of Management were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the Report of the Council of Management and from the requirement to prepare a strategic report. ## **Responsibilities of the Council of Management** As explained more fully in the Council of Management’s responsibilities statement set out on page 5 the Council of Management (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 Council of Management 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 Council of Management either intend to liquidate the Charitable Company or to cease operations, or have no realistic alternative but to do so. ## **Auditor’s responsibilities for the audit of the financial statements** Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, through discussion with the Council of Management (as required by auditing standards), inspection of the Charitable Company’s regulatory and legal correspondence and discussed with the Council of Management the policies and procedures regarding compliance with laws and regulations. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. The potential effect of these laws and regulations on the financial statements varies considerably. ____________________________________________________________________ - 9 - ## **INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF ST PHILOMENA’S SCHOOL LIMITED** ____________________________________________________________________________ ## **Auditor’s responsibilities for the audit of the financial statements (continued)** Firstly, the Charitable Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. Secondly, the Charitable Company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect: compliance with the requirements of The Charities Commission, the Independent Schools Inspectorate, health and safety, safeguarding rules, human rights and employment law and GDPR compliance. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Council of Management and other management and inspection of regulatory and legal correspondence, if any. Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: enquiries of management and those charged with governance as to whether the company complies with such regulations, enquiries of management and those charged with governance concerning any actual or potential litigation or claims, inspection of any relevant legal documentation, review of board minutes, testing the appropriateness of journal entries and the performance of analytical review to identify any unexpected movements in account balances which may be indicative of fraud. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. ## **Unaudited Comparatives** The Charitable Company did not require an audit during the prior year. As such, all comparative balances included within the financial statements for the year end 31 August 2022 are unaudited. ____________________________________________________________________________ - 10 – ## ## ## **ST PHILOMENA’S SCHOOL LIMITED** ## **STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) YEAR ENDED 31 AUGUST 2023** |**STATEMENT OF FINANCIAL ACTIVITIES**
**(INCLUDING INCOME AND EXPENDITURE ACCOUNT)**
**YEAR ENDED 31 AUGUST 2023**|**STATEMENT OF FINANCIAL ACTIVITIES**
**(INCLUDING INCOME AND EXPENDITURE ACCOUNT)**
**YEAR ENDED 31 AUGUST 2023**|**STATEMENT OF FINANCIAL ACTIVITIES**
**(INCLUDING INCOME AND EXPENDITURE ACCOUNT)**
**YEAR ENDED 31 AUGUST 2023**|**STATEMENT OF FINANCIAL ACTIVITIES**
**(INCLUDING INCOME AND EXPENDITURE ACCOUNT)**
**YEAR ENDED 31 AUGUST 2023**|**STATEMENT OF FINANCIAL ACTIVITIES**
**(INCLUDING INCOME AND EXPENDITURE ACCOUNT)**
**YEAR ENDED 31 AUGUST 2023**|**STATEMENT OF FINANCIAL ACTIVITIES**
**(INCLUDING INCOME AND EXPENDITURE ACCOUNT)**
**YEAR ENDED 31 AUGUST 2023**| |---|---|---|---|---|---| |____________________________________________________________________________|||||| |||**Unrestricted**|**Restricted**|**Total**|**Total**| |||**funds**|**funds**|**funds**|**funds**| ||**Notes**|**2023**|**2023**|**2023**|**2022**| |||**£**|**£**|
**£**|**£**| |**Income from:**|||||| |Donations:|||||| |General donations||**100**|**15,700**|**15,800**|1,500| |Government grants||**-**|**-**|**-**|592| |Charitable activities:|||||| |Term fees|3|**923,239**|**-**|**923,239**|836,877| |Pupil extras||**53,356**|**-**|**53,356**|58,944| |Other trading activities||**62,080**|**-**|**62,080**|40,842| |Investments||**5,383**|**-**|**5,383**|122| |||-----------------------------------------------------|-----------------------------------------------------|----------------------------------------------------|-----------------------------------------------------| |**Total income**||**1,044,158**|**15,700**|**1,059,858**|938,877| |||-----------------------------------------------------|-----------------------------------------------------|-----------------------------------------------------|-----------------------------------------------------| |**Expended on:**|||||| |Raising funds|4|**2,098**|**-**|**2,098**|755| |Charitable activities|5|**797,551**|**10,550**|**808,101**|715,365| |||-----------------------------------------------------|-----------------------------------------------------|-----------------------------------------------------|-----------------------------------------------------| |**Total expenditure**||**799,649**|**10,550**|**810,199**|716,120| |||-----------------------------------------------------|-----------------------------------------------------|-----------------------------------------------------|-----------------------------------------------------| |**Net income**||**244,509**|**5,150**|**249,659**|222,757| |Transfer between funds||**5,700**|**(5,700)**|**-**|-| |||-----------------------------------------------------|-------------------------------------------------|-----------------------------------------------------|-----------------------------------------------------| |**Net movement in funds**||**250,209**|**(550)**|**249,659**|222,757| |**Total funds brought forward**|||||| |**at 1 September 2022**||**718,541**|**1,058**|**719,599**|496,842| |||-----------------------------------------------------|-------------------------------------------------|-----------------------------------------------------|-----------------------------------------------------| |**Total funds carried forward**|||||| |**at 31 August 2023**||**£ 968,750**|**£ 508**|**£ 969,258**|
£ 719,599| |||==================|_================_|=================|_=================_| 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 2022 is £1,942 in respect of restricted income. Included within expenditure on charitable activities for 2022 is £884 in respect of restricted expenditure. ___________________________________________________________________________ - 12 - ST PHILOMENA'S SCHOOL LIMITED BALANCE SHEET AS AT 31 AUGUST 2023 Not•s 2023 2022 Tanglbl• flx•d ass•tg 415,785 402.378 Currnnt assets Stock- books Stock- consLtrmabl8 Oeblors and propèymènts Cash al bank and in haThd 2,000 361 2,893 778.991 2,000 361 1.818 632.432 784.245 636,611 Credltors.. amounts lalllng du• wlthln on• y•ar 10 1230,7721 1319.3901 Net current assets 553,473 317,221 To¢al •ssetg l••• curr•nt Ilablllll•• 969,25J 719,599 Net ass•l• E 969.258 £ 719.599 Fund¥ Vnreslricl¢d funds Re$tri¢l¥d funds 17 18 968.750 508 718,541 1,058 £ 969.258 £ 719.599 Advantagé is iaken in the preparation of the financial statements ol the special Pro￿310n9 ¢onlain•d In Part 15 of the Companies Act 2006. relating 10 Small wnpanies. In tho CtyJnril of Management's opinion the ch8filable company 15 entilled lo those exemplions as a small ompany. The finandal statements ￿Te 8pprov¢d by th• Councll of Manag•m8nl on Mrs J Geldard Chairman of Coun¢il of Management own5•nd Mèmbw of Coundl of Management Company registration number. 02071112 13- ## **ST PHILOMENA’S SCHOOL LIMITED** ## **STATEMENT OF CASH FLOWS YEAR ENDED 31 AUGUST 2023** ____________________________________________________________________________ ||**2023**|**2022**| |---|---|---| ||**£**|**£**| |**Cash flows from operating activities**||| |Net movement in funds|**249,659**|222,757| |Depreciation|**16,680**|15,863| |Profit on disposal of tangible assets|**(3,000)**|-| |Interest income|**(5,383)**|(122)| |(Increase)/decrease in debtors|**(1,075)**|1,060| |(Decrease)/increase in creditors|**(88,618)**|72,232| ||---------------------------------------------------|---------------------------------------------------| |**Net cash generated from operating activities**|**168,263**|311,790| ||---------------------------------------------------|---------------------------------------------------| |**Cash flows from investing activities**||| |Interest income|**5,383**|122| |Purchase of tangible fixed assets|**(30,087)**|(11,778)| |Sale of tangible fixed assets|**3,000**|-| ||---------------------------------------------------|---------------------------------------------------| |**Net cash used from investing activities**|**(21,704)**|(11,656)| ||---------------------------------------------------|---------------------------------------------------| |**Increase in cash and cash equivalents**||| |**in the year**|**146,559**|300,134| |**Cash and cash equivalents brought forward**|**632,432**|332,298| ||---------------------------------------------------|---------------------------------------------------| |**Cash and cash equivalents carried forward**|**£ 778,991**|£ 632,432| ||=================|_=================_| ____________________________________________________________________________ - 14 - ## **ST PHILOMENA’S SCHOOL LIMITED** ## **NOTES TO FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2023** ____________________________________________________________________________ ## **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. School fees are included net of bursaries and scholarships as this is the amount that the charity is entitled to receive. ____________________________________________________________________________ - 15 - ## **ST PHILOMENA’S SCHOOL LIMITED** ## **NOTES TO FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2023** ____________________________________________________________________________ ## **1.2 ACCOUNTING POLICIES – (continued)** ## _**Gifts and donations**_ These are accounted as received and include gifts and subsidies in kind accounted at value to the school. ## _**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| |Playground equipment|-|10% straight line| _________________________________________________________________________ - 16 - ## **ST PHILOMENA’S SCHOOL LIMITED** ## **NOTES TO FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2023** ____________________________________________________________________________ ## **1.2 ACCOUNTING POLICIES – (continued)** ## _**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. ## _**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. ____________________________________________________________________________ - 17 - ## **ST PHILOMENA’S SCHOOL LIMITED** ## **NOTES TO FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2023** ____________________________________________________________________________ ## **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 INCOME FROM CHARITABLE ACTIVITIES – TERM FEES** |||**Unrestricted**|**Total**|**Total**| |---|---|---|---|---| |||**funds**|**funds**|**funds**| |||**2023**|**2023**|**2022**| ||School fees|**1,003,423**|**1,003,423**|937,173| ||Less: bursaries and scholarships|**(80,184)**|**(80,184)**|(100,296)| |||**-----------------------------------------------------**|**-----------------------------------------------------**|**-----------------------------------------------------**| ||Fundraising costs|**£ 923,239**|**£ 923,239**|£ 836,877| |||_================_|================|_================_| |**4**|**EXPENDITURE ON RAISING FUNDS**|||| |||**Unrestricted**|**Total**|**Total**| |||**funds**|**funds**|**funds**| |||**2023**|**2023**|**2022**| ||Fundraising costs|**£ 2,098**|**£ 2,098**|£ 755| |||_================_|================|_================_| ____________________________________________________________________________ - 18 - ## **ST PHILOMENA’S SCHOOL LIMITED** ## **NOTES TO FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2023** ____________________________________________________________________________ ## **5 EXPENDITURE ON CHARITABLE ACTIVITIES** ||**Unrestricted**|**Restricted**|**Total**|**Total**| |---|---|---|---|---| ||**funds**|**funds**|**funds**|**funds**| ||**2023**|**2023**|**2023**|**2022**| ||**£**|**£**|**£**|**£**| |Teaching salaries and self-employed||||| |tutors|**518,819**|**-**|**518,819**|478,179| |Rent, rates and insurance|**33,490**|**-**|**33,490**|26,227| |Heat and light|**6,772**|**-**|**6,772**|7,014| |Textbooks|**7,025**|**-**|**7,025**|7,977| |Outings|**37,987**|**-**|**37,987**|25,790| |Travelling|**3,837**|**-**|**3,837**|3,639| |Supplies excluding textbooks|**12,633**|**-**|**12,633**|16,852| |Depreciation|**16,680**|**-**|**16,680**|15,863| |Repairs and renewals|**34,977**|**-**|**34,977**|27,002| |Non-teaching wages|**82,872**|**-**|**82,872**|71,548| |Telephone and internet|**1,121**|**-**|**1,121**|1,053| |Postage, stationery and advertising|**3,511**|**-**|**3,511**|2,939| |Staff welfare and cleaning|**7,549**|**-**|**7,549**|3,554| |Sundries|**11,472**|**10,550**|**22,022**|10,111| |Professional training and||||| |subscriptions|**3,931**|**-**|**3,931**|3,338| |Rent of office equipment|**4,660**|**-**|**4,660**|5,023| |Book-keeping|**583**|**-**|**583**|914| |Bank charges|**883**|**-**|**883**|872| |Bad debt provision|**(1,470)**|**-**|**(1,470)**|1,350| |Human resources advisory costs|**3,229**|**-**|**3,229**|3,000| |Professional fees|**90**|**-**|**90**|-| |Audit costs (2022: Independent||||| |examination)|**6,900**|**-**|**6,900**|3,120| ||**-----------------------------------------------------**|**-----------------------------------------------------**|**-----------------------------------------------------**|------------------------------------------------| ||**£ 797,551**|**£ 10,550**|**£ 808,101**|£ 715,365| ||==================|_==================_|==================|_=================_| Included within expenditure on charitable activities for 2022 is £884 in respect of restricted expenditure. This relates to sundries and supplies. Included within the above is £6,190 (2022: £3,120) of governance costs, which comprises of Audit fees (2022: Independent examination). ____________________________________________________________________________ - 19 - ## **ST PHILOMENA’S SCHOOL LIMITED** ## **NOTES TO FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2023** ____________________________________________________________________________ ## **6 NET INCOME** Net income for the year is stated after charging/(crediting): ||**2023**|**2022**| |---|---|---| ||**£**|**£**| |Rent of premises|**17,500**|10,000| |Depreciation|**16,680**|15,863| |Profit on disposal of fixed assets|**(3,000)**|-| |Independent examination|**-**|3,120| |Audit fees|**6,900**|-| |Office equipment rental|**4,660**|5,023| ||================|================| ## **7 STAFF COSTS** ||**2023**|**2022**| |---|---|---| ||**£**|**£**| |Wages and salaries costs|**443,796**|395,942| |Employer’s national insurance costs|**36,220**|30,661| |Employer’s pension costs|**76,490**|66,783| ||----------------------------------------------|----------------------------------------------| |Total employment costs|**£ 556,506**|£ 493,386| ||================|==============| The gross employment costs of key management personnel, which includes employer’s national insurance, was: |Gross employment costs|**£ 83,874**|£ 74,050| |---|---|---| ||================|==============| |One employee received emoluments above £60,000|during the year (2022: nil) as analysed|| |below:||| ||**2023**|2022| |Between £60,000 and £70,000|**1**|-| One employee received emoluments above £60,000 during the year (2022: nil) as analysed below: The average monthly number of employees in the year was 18 (2022: 18). No members of the Council of Management received remuneration during the year. ____________________________________________________________________________ - 20 – ## **ST PHILOMENA’S SCHOOL LIMITED** ## **NOTES TO FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2023** _____________________________________________________________________________________________________________________________ ## **8 FIXED ASSETS** |||**Capital**||**Capital**|||||| |---|---|---|---|---|---|---|---|---|---| |||**improvements**||**improvements**||**Equipment**|||| ||**Clover**|**to Clover**|**Jubilee**|**to Jubilee**||**fixtures**|**IT**|**Playground**|| ||**House**|**House**|
**House**|**House**|**Minibus**|**and fittings**|**equipment**|**Equipment**|**Total**| ||**£**|**£**|**£**|**£**|**£**|**£**|**£**||**£**| |**Cost**|||||||||| |At 1 September 2022|122,374|81,737|330,970|103,799|30,325|31,304|14,420|-|714,929| |Additions|-|-|-||-|-|6,105|23,982|30,087| |Disposals|-|-|-|-|(22,325)|-|-|-|(22,325)| ||---------------------------------------------------|---------------------------------------------------|---------------------------------------------------|---------------------------------------------------|---------------------------------------------------|---------------------------------------------------|---------------------------------------------------|-----------------------------------------------------|---------------------------------------------------| |At 31 August 2023|**122,374**|**81,737**|**330,970**|**103,799**|**8,000**|**31,304**|**20,525**|**23,982**|**722,691**| ||---------------------------------------------------|---------------------------------------------------|---------------------------------------------------|---------------------------------------------------|---------------------------------------------------|---------------------------------------------------|---------------------------------------------------|------------------------------------------------------|---------------------------------------------------| |**Depreciation**|||||||||| |At 1 September 2022|63,681|31,181|130,727|24,635|24,858|24,994|12,475|-|312,551| |Charged in year|2,447|1,635|6,619|2,077|1,600|945|558|799|16,680| |Disposals|-|-|-|-|(22,325)|-|-|-|(22,325)| ||---------------------------------------------------|---------------------------------------------------|---------------------------------------------------|---------------------------------------------------|---------------------------------------------------|---------------------------------------------------|---------------------------------------------------|----------------------------------------------------|---------------------------------------------------| |At 31 August 2023|**66,128**|**32,816**|**137,346**|**26,712**|**4,133**|**25,939**|**13,033**|**799**|**306,906**| ||---------------------------------------------------|---------------------------------------------------|---------------------------------------------------|---------------------------------------------------|---------------------------------------------------|---------------------------------------------------|---------------------------------------------------|---------------------------------------------------|---------------------------------------------------| |**Written down value**|||||||||| |At 31 August 2023|**£ 56,246**|**£ 48,921**|**£ 193,624**|**£ 77,087**|**£ 3,867**|**£ 5,365**|**£ 7,492**|**£ 23,183**|**£415,785**| ||==============|==============|==============|==============|==============|==============|==============|================|==============| |At 31 August 2022|£ 58,693|£ 50,556|£200,243|£ 79,164|£ 5,467|£ 6,310|£ 1,945|£ -|£ 402,378| ||==============|==============|==============|==============|==============|==============|==============|================|==============| The fixed assets are all used for the charitable purposes of the company. ____________________________________________________________________________________________________________________________ - 21 - ## **ST PHILOMENA’S SCHOOL LIMITED** ## **NOTES TO FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2023** ## **9 DEBTORS AND PREPAYMENTS** |**9 DEBTORS AND PREPAYMENTS**||| |---|---|---| ||**2023**|**2022**| ||**£**|**£**| |Prepayments|**1,564**|1,818| |Trade Debtors|**1,329**|-| ||----------------------------------------------|----------------------------------------------| ||**£ 2,893**|£ 1,818| ||================|==============| ## **10 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** ||**2023**|**2022**| |---|---|---| ||**£**|**£**| |Trade creditors|**9,115**|16,809| |Accruals|**6,900**|6,788| |Social security and other taxes|**10,309**|8,363| |Other creditors|**8,797**|7,581| |Receipts in advance|**151,251**|231,049| |Parents held deposits|**44,400**|48,800| ||---------------------------------------------------|---------------------------------------------------| ||**£ 230,772**|£ 319,390| ||=================|=================| ## **11 SHARE CAPITAL** The charitable company does not have any share capital and is limited by guarantee of the members with individual liabilities of £1. ## **12 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. ____________________________________________________________________________ - 22 - ## **ST PHILOMENA’S SCHOOL LIMITED** ## **NOTES TO FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2023** ____________________________________________________________________________ ## **13 OPERATING LEASE COMMITMENTS** At 31 August 2023 the company had total commitments under non-cancellable operating leases as follows: ||**2023**|**2022**| |---|---|---| ||**£**|**£**| |Expiry date:||| |Within one year|**15,000**|15,000| |Between two and five years|**67,083**|62,083| |Over five years|**71,667**|91,667| ||---------------------------------------------------|---------------------------------------------------| ||**£ 153,750**|£ 168,750| ||================|================| During the year, the company incurred expenditure of £17,500 (2022: £10,810) relating to operating leases. ## **14 PENSION COMMITMENTS** At 31 August 2023 the annual pension contributions paid totalled £76,490 (2022: £66,783). Included in other creditors is an amount of £8,737 in relation to accrued pension contributions (2022: £7,363). ## **15 ANALYSIS OF CHANGES IN NET DEBT** ||**Balance at 1**||**Other**|**Balance at**| |---|---|---|---|---| ||**September**||**non-cash**|**31 August**| ||**2022**|**Cash flows**|**changes**|**2023**| ||**£**|**£**|**£**|**£**| |Cash|**£ 632,432**|**146,559**|**-**|**£ 778,991**| ||==================|==================|==================|==================| ____________________________________________________________________________ - 23 - ## **ST PHILOMENA’S SCHOOL LIMITED** ## **NOTES TO FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2023** ____________________________________________________________________________ ## **16 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. The total contributions made for the year ended 31 August 2023 were £100,129 (2022: £88,409) of which employers’ contributions totalled £72,541 (2022: £64,210) and employees’ contributions totalled £27,588 (2022: £24,199). With effect from 2 August 2023 the Schools was granted phased withdrawal from TPS with an effective date of 1 September 2023, therefore any teachers employed as from 1 September 2023 will be enrolled into TPT rather than TPS. The school now only has 4 members of staff left in the Teachers’ Pension Scheme. All other staff are enrolled in either TPT or NEST, defined contribution pension schemes. ____________________________________________________________________________ - 24 - ## **ST PHILOMENA’S SCHOOL LIMITED** ## **NOTES TO FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2023** ____________________________________________________________________________ ## **17 UNRESTRICTED FUNDS** ||**Balance at**||||**Balance at**| |---|---|---|---|---|---| ||**1 September**|**Incoming**|**Outgoing**||**31 August**| ||**2021**|**resources**|**resources**|**Transfers**|**2022**| |Unrestricted Fund|£ 496,842|**£ 936,935**|**£ (715,236)**|
**£ -**|**£ 718,541**| ||================|================|================|================|================| ||**Balance at**||||**Balance at**| ||**1 September**|**Incoming**|**Outgoing**||**31 August**| ||**2022**|**resources**|**resources**|**Transfers**|**2023**| |Unrestricted Fund|£ 718,541|**£ 1,044,158**|**£ (799,649)**|
**£ 5,700**|**£ 968,750**| ||================|================|================|================|================| |**ESTRICTED FUNDS**|||||| ||**Balance at**||||**Balance at**| ||**1 September**|
**Incoming**|**Outgoing**||**31 August**| ||**2021**|**resources**|**resources**|**Transfers**|**2022**| |Miscellaneous donations|£ -|**£ 1,942**|**£ (884)**|**£ -**|**£ 1,058**| ||================|================|================|================|================| ||**Balance at**||||**Balance at**| ||**1 September**|
**Incoming**|**Outgoing**||**31 August**| ||**2022**|**resources**|**resources**|**Transfers**|**2023**| |Miscellaneous donations|1,058|**-**|**(550)**|**-**|**508**| |Early years playground|-|**10,000**|**(10,000)**|**-**|**-**| |Purchase of IT equipment|-|**5,700**|**-**|**(5,700)**|**-**| ||--------------------------------------------------|--------------------------------------------------|----------------------------------------------|--------------------------------------------------|-----------------------------------------------| ||£ 1,058|**£15,700**|**£ (10,550)**|**£ (5,700)**|**£ 508**| ||================|================|================|================|================| ## **18 RESTRICTED FUNDS** ## **Miscellaneous donations** A number of other donations have been received which will all be fully expended under the terms of the restriction. ## **Transfers** The transfer relates to a restricted income for the purchase of IT equipment which was transferred into unrestricted funds on the purchase of the equipment. _________________________________________________________________________ - 25 - ## **ST PHILOMENA’S SCHOOL LIMITED** ## **NOTES TO FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2023** ____________________________________________________________________________ ## **19 RECONCILIATION OF NET ASSETS BETWEEN FUNDS** ||**Unrestricted**|**Restricted**|**Total**| |---|---|---|---| ||**2023**|**2023**|**2023**| ||**£**|**£**|**£**| |Fixed assets|**415,785**|**-**|**415,785**| |Net current assets|**552,965**|**508**|**553,473**| ||----------------------------------------------------|----------------------------------------------------|----------------------------------------------------| ||**£ 968,750**|**£ 508**|**£ 969,258**| ||==================|==================|==================| ||**Unrestricted**|**Restricted**|**Total**| ||**2022**|**2022**|**2022**| ||**£**|**£**|**£**| |Fixed assets|**402,378**|**-**|**402,378**| |Net current assets|**316,163**|**1,058**|**317,221**| ||----------------------------------------------------|----------------------------------------------------|----------------------------------------------------| ||**£ 718,541**|**£ 1,058**|**£ 719,599**| ||==================|==================|==================| ____________________________________________________________________________ - 26 - ## **ST PHILOMENA’S SCHOOL LIMITED** ## **DETAILED INCOME AND EXPENDITURE ACCOUNT YEAR ENDED 31 AUGUST 2023** |**DETAILED INCOME AND EXPENDITURE ACCOUNT**
**YEAR ENDED 31 AUGUST 2023**|**DETAILED INCOME AND EXPENDITURE ACCOUNT**
**YEAR ENDED 31 AUGUST 2023**|**DETAILED INCOME AND EXPENDITURE ACCOUNT**
**YEAR ENDED 31 AUGUST 2023**| |---|---|---| |____________________________________________________________________________||| ||**2023**|**2022**| ||**£**
**£**|**£**| |**Income**||| |Term fees|**1,003,423**|937,173| |Less: bursaries and scholarships|**(80,184)**|(100,296)| |Pupil extras|**53,356**|58,944| ||--------------------------------------------------|-------------------------------------------------| ||**976,595**|895,821| ||--------------------------------------------------|--------------------------------------------------| |**Education expenditure**||| |Teaching salaries and costs|**518,819**|478,179| |Rent, rates and insurance|**33,490**|26,227| |Repairs and renewals|**34,977**|27,002| |Textbooks etc.|**7,025**|7,977| |Heat and light|**6,772**|7,014| |School outings|**37,987**|25,790| |Travelling|**3,837**|3,639| |School supplies excluding textbooks|**12,633**|16,852| ||---------------------------------------------------|---------------------------------------------------| ||**655,540**|592,680| ||---------------------------------------------------|---------------------------------------------------| |**Administration expenditure**||| |Non-teaching wages|**82,872**|71,548| |Telephone|**1,121**|1,053| |Postage, stationery and advertising|**3,511**|2,939| |Staff welfare and cleaning|**7,549**|3,554| |Sundries|**22,022**|10,111| |Audit and accountancy|**6,900**|3,120| |Human resources advisory costs|**3,229**|3,000| |Professional training and subscriptions|**3,931**|3,338| |Rent of office equipment|**4,660**|5,023| |Professional fees|**90**|-| |Book-keeping and other office services|**583**|914| |Bad debts|**(1,470)**|1,350| ||---------------------------------------------------|---------------------------------------------------| ||**134,998**|105,950| ||---------------------------------------------------|---------------------------------------------------| |**Finance expenditure**||| |Bank charges|**883**|872| |Depreciation|**16,680**|15,863| ||---------------------------------------------------|---------------------------------------------------| ||**17,563**|16,735| ||---------------------------------------------------|---------------------------------------------------| ||**808,101**|715,365| ||---------------------------------------------------|---------------------------------------------------| |Carried forward|**168,494**|180,456| ____________________________________________________________________________ - 27 - ## **ST PHILOMENA’S SCHOOL LIMITED** ## **DETAILED INCOME AND EXPENDITURE ACCOUNT YEAR ENDED 31 AUGUST 2023** |**DETAILED INCOME AND EXPENDITURE ACCOUNT**
**YEAR ENDED 31 AUGUST 2023**|**DETAILED INCOME AND EXPENDITURE ACCOUNT**
**YEAR ENDED 31 AUGUST 2023**|**DETAILED INCOME AND EXPENDITURE ACCOUNT**
**YEAR ENDED 31 AUGUST 2023**| |---|---|---| |____________________________________________________________________________||| ||**2023**|**2022**| ||**£**
**£**|**£**| |Brought forward|**168,494**|180,456| ||---------------------------------------------------|---------------------------------------------------| |**Other income**||| |Sundry income|**40,902**|34,107| |Government grants|**-**|592| |Fund raising income|**21,178**|6,735| |Donations received|**15,800**|1,500| |Interest|**5,383**|122| ||--------------------------------------------------|--------------------------------------------------| ||**83,263**|43,056| |Fund raising costs|**(2,098)**|(755)| ||---------------------------------------------------|---------------------------------------------------| ||**81,165**|42,301| ||---------------------------------------------------|---------------------------------------------------| |**Net surplus for year**|**£ 249,659**|£ 222,757| ||=================|_=================_| ____________________________________________________________________________ - 28 -