Registered number: 02071112 Charity number: 298635
ST PHILOMENA'S SCHOOL LIMITED
(A Company Limited by Guarantee)
ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
ST PHILOMENA'S SCHOOL LIMITED
(A Company Limited by Guarantee)
CONTENTS
| Page | |
|---|---|
| Legal and Administrative information | 1 |
| Report of the Council of Management | 2 - 5 |
| Independent Auditor's Report on the Financial Statements | 6 - 9 |
| Statement of Financial Activities (including income and expenditure account) | 10 |
| Balance Sheet | 11 - 12 |
| Statement of Cash Flows | 13 |
| Notes to the Financial Statements | 14 - 28 |
| The following pages do not form part of the statutory financial statements: | |
| Detailed Income and Expenditure Account and Summaries | 29 - 30 |
ST PHILOMENA'S SCHOOL LIMITED
(A Company Limited by Guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITABLE COMPANY, ITS COUNCIL OF MANAGEMENT AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2024
| Council of Management | Mrs J Geldard, Chairman |
|---|---|
| Mrs S M Vincent | |
| Mrs A O’Sullivan | |
| Mrs M Fuller | |
| Dr J A F Geldard | |
| Mr A Ong | |
| Mr L Townsend | |
| Mrs C F Bareham | |
| Ms B Howe (appointed 5 October 2023) | |
| Company registered number 02071112 Charity registered number 298635 Registered office St Philomena’s School Hadleigh Road Frinton on Sea Essex CO13 9HQ Company secretary Post currently vacant Independent auditor Sumer Auditco Limited 820 The Crescent Colchester Business Park Colchester Essex CO4 9YQ Bankers HSBC Bank 47 Station Road Clacton on Sea Essex CO15 1RR |
Page 1
ST PHILOMENA'S SCHOOL LIMITED
(A Company Limited by Guarantee)
REPORT OF THE COUNCIL OF MANAGEMENT AS DIRECTORS OF THE COMPANY FOR THE YEAR ENDED 31 AUGUST 2024
The Council of Management present their report and the audited financial statements for the year ended 31 August 2024. 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
a. Policies and objectives
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.
b. Operational review, achievement and performance
The Council of Management considers that the operations have been well managed during the year, a summary of the year’s financial operations is given on page 11. The assets of the charitable company are sufficient to fulfil its obligations.
In the year under review the charitable company recorded a surplus of £181,922. The previous year showed a surplus of £249,659. The average number of pupils on role during the year was 109. The tuition centre generated income of £18,120 in its fifth year of operating.
Resources expended have continued to be monitored and have shown a slight increase of 4.26% from previous year.
St Philomena’s School provides three fully funded bursaries (these can be split into more part-funded bursaries) and two 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. In total 12% of all pupils are in receipt of some form of financial assistance.
As a Catholic School, the ethos is Christian, but children of all faiths are welcomed. There are currently 26 Catholic pupils (26%).
There are strong links with the local parish and community. Members of the local community are invited to attend events throughout the year including Open Days, Coffee Mornings, a Remembrance service, Christmas Nativity performances, a carol service and in the past year, an afternoon tea to commemorate the D Day landings. Pupils actively participate in events organised by the local council (including Swim Safe and Crucial Crew), Frinton Rotary Club (such as their annual carol service), Frinton in Bloom and the Walton Arts Festival.
Page 2
(A Company Limited by Guarantee)
ST PHILOMENA'S SCHOOL LIMITED
REPORT OF THE COUNCIL OF MANAGEMENT AS DIRECTORS OF THE COMPANY (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024
Objectives and activities (continued)
c. Plans for future periods
-
Introduce subject specialist teaching in Art for Years 3 to 6.
-
Continue to develop and increase childcare provision during the school holidays.
-
Navigate the challenges faced by the introduction of VAT on school fees from January 2025.
d. Reserves
The unrestricted reserves, as shown on page 11 are £1,150,672 (2023: £968,750). 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 £753,571 (2023: surplus of £552,965) 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 from the fact that the Freehold Property is unencumbered by debt so could be used as collateral to finance a short-term funding requirement.
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.
e. 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.
f. Fundraising
The work put in by those connected with the school on fundraising is acknowledged with thanks.
g. Pay policy for senior staff
The School has its own pay scale for teachers which is reviewed annually.
Page 3
ST PHILOMENA'S SCHOOL LIMITED
(A Company Limited by Guarantee)
REPORT OF THE COUNCIL OF MANAGEMENT AS DIRECTORS OF THE COMPANY (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024
Objectives and activities (continued)
h. Council of Management
The Council of Management during the year under review has comprised:
Mrs J Geldard Mrs S M Vincent Mrs A O’Sullivan Mrs M Fuller Dr J A F Geldard Mr A Ong Mr L Townsend Mrs C Bareham Mrs B Howe (appointed 5 October 2023)
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.
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.
Page 4
5T PHILOMENA'S SCHOOL LIMITED IA Company Llrnlted by Guaranleel REPORT OF THE COUNCIL OF MANAGEMENT AS DIRECTORS OF THE COMPANY ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2024 Coun¢ll of Managern•nV• r•5pon55bS1StS08 for th• Iln•n¢l•l •tst•rn•nts The Council ol Management (who are also dwedorn ol Sl PhkJmena s sch)1 Limil8d for purpose5 or cornpany lawl a responsible lor preparir¥J Ihe Report ol th8 Council of M8nag8rnenl and the finand81 51alemenl$ in acrdanCe wlh 8p(Aubl& Lqw 8nd 18gu1AI. Company law requif8$ the Counul ol ManagBm8nt lo prepare financ4al ststemonls lor each fSnandal year. Under thal law Ihe Council ol Management must prepalo Iho finanual slalwnenls In a¢cordanc8 Unil8d Klngdom G8nèrally Accepted Accounting Practice IUni18d Kingdom Accounl1Thg St8nd8rds and applicable lawl. Under company the Covncil ol Managernenl mu51 approv8 the finènual slalemen15 unless Ihty are sali5fied Ihal they give a Irue ènd lair View of Ihe $laltr of affair5 01 Ihe charIlab company and of the incoming resources and application ol resourtos, induding the incw and expendiluro. ol lh8 ¢h8ritabk8 ¢ompany lor that pariod. In preparing Ihose finan¢i8151alernenls. Ihe cou11 ol Man#VenI are requirod lo.. seleci $uitsble accounting policie5 and then appty Ih8m cthnslenty, observe the m¢ihods and principles in Chariiie5 SORP.. make judgements and $timaie5 Ihal are re8sor¢at4e and wudwt.. slate whether appfy'cable Unrted Kingdom A¢counbng Slandard5 have be•n loknved. subjod to any material departures Idiscl)stO and explalned in the finanaal st8temeTrts', prepor¥ the fincIal 8laleThnts on Iho golrvj b•els Un$6 R Is thIpw#t• to pr•$urn8 Ihal ¢haritsble companylll Continue to opwats. The Council of Man89em?nt are resptyvJibl• for kelng adequaie acwjnbng rgcord$ Ihat ¥r• $uth¢ionl lo sl nd explain the tharilab coryanls transactKsns and dISL with feasonab accuracy gt any lime th8 rinancial p08ilion ol the tharitable company and ensble Ih•m •n$ur• Ihal Ihe firsaThoal slat¢menl$ ¢omply with the Companies A¢t 2(th. Th•y •rt 0150 iesponsible for saleguarding the oss•ts ol Ihe charilable company 8nd hence for taking reasonabl8 Steps for the and dele¢tson ol fraud and other irregularities. Ind•p•nd•nt AudStor Our #uditor SB Audtt LLP merged tthlh Sumer Authtco Lkntted on 28 Marth 2024. Accordlngty. SB Audll LLP loallY resigned as th8 Charity$ audiior Iho Ctyjntsl of Managernenl duly appoin Surner Audil¢o Limited lo fill lh• va¢anLy afftn9. Tho auditor. Sumer Auditco Limited. h8$ u01•d hi$ lingnOs9 to continu8 In offi¢•. designated Coun¢il of Managernent will prow)se a molKJn re8ppolnling the 8uditc¢ al a meeting of the CouTrdl ol Mana9om•nt. Accountlng •xemplSon Advantage is taken in the weparation ol the Couwl ol Mana9ernnt rep)rt of the spe¢i81 proVisn5 conlained in Part 15 of the Cornp3nies Act 2ffj. reLg1ing lo sma4 companies. roved by order ol mernrs of the trA)ard of Coun1 ol Mana9emenl on 4,11.24 and ned on their l)ehall by.. Mrs J G•ldard Chaimian ol the Cwncil of Klanagemenl Pag8 5
(A Company Limited by Guarantee)
ST PHILOMENA'S SCHOOL LIMITED
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 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, 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 2024 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 United Kingdom, including the Financial Reporting Council'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 charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Council of Management with respect to going concern are described in the relevant sections of this report.
Page 6
(A Company Limited by Guarantee)
ST PHILOMENA'S SCHOOL LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ST PHILOMENA'S SCHOOL LIMITED (CONTINUED)
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.
Opinion 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 Council of Management's Report for the financial year for which the financial statements are prepared is consistent with the financial statements.
-
the Council of Management's Report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Council of Management's Report.
We have nothing to report in respect of the following matters in relation to which 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
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of Council of Management's remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit; or
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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 Council of Management's Report and from the requirement to prepare a Strategic Report.
Page 7
(A Company Limited by Guarantee)
ST PHILOMENA'S SCHOOL LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ST PHILOMENA'S SCHOOL LIMITED (CONTINUED)
Responsibilities of Council of Management
As explained more fully in the Council of Management's Responsibilities Statement, 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 Council of Management 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.
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.
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.
Page 8
ST PHILOMENA'S SCHOOL UMITED {A Company Llmlt•d by Guaranto8) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ST PHILOMENA'S SCHOOL UMITED (COIfflNUED) Because of the inherent linitalrts of an audit. there ig a rfsk that we not detect dl irregularitie8. including those kading to a material misstatement in the financial statements or no1coMplI8n¢e with regulatn. This risk increases the more that compliance a l&v or regulation r8 removed from the events and transadions reflected in the financial statements. as we will be less like to become wware of instsnces of non<c4npliance. The risk is also grealer regarding irregularities occurrtng due lo fra1 rather than error. as fraud invofve8 intentional concealment. forgery, Collusion. omiss)n or misrepresentation. A fvrther description of our responsfoilithes for Ihg audit of the financial statoments is located on the Financial Reporting Councifs website at.. v•M.frc.o uklauditorsres Auditorfs Rep nsibilibes. This description forms part of our Us• of our rnport This rewt is made solety tothe diaritable eompanrfs members. as a bfydy, in cord8nce wilh Chapter 3 of Part 16 of the Companies Act 2016. Our audit work has been undertaken so that we mvjht stale to the charrtable compan$ members those rnatte V•e are required to stste lo them in an Audrt¢s Report and for no other purpose. To the fvllest extent pemitted by law, we do nol 0p1 or assume responsibilrty to anyone other than the charrtable company and ils mbers. as a boty, for our audit work. for this report, or for the opinions we have formed. TIM O'connor ACA FCCA DChA (Senlor Statutory Audltor) for and on behaifof Sumer Audltco Umlted SL3tutory Audrtor 820 The Crescent Colchester Business Pa Cdchesler Essex C04 9YQ Pa98 9
(A Company Limited by Guarantee)
ST PHILOMENA'S SCHOOL LIMITED
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2024
| Note Income from: Donations and legacies Charitable activities 4 Other trading activities Investments Other income Total income Expenditure on: Raising funds 5 Charitable activities 6 Total expenditure Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2024 £ 5,833 879,005 68,559 15,138 57,660 1,026,195 1,972 842,301 844,273 181,922 968,750 181,922 1,150,672 |
Restricted funds 2024 £ 500 - - - - 500 - 500 500 - 508 - 508 |
Total funds 2024 £ 6,333 879,005 68,559 15,138 57,660 1,026,695 1,972 842,801 844,773 181,922 969,258 181,922 1,151,180 |
Total funds 2023 £ 15,800 923,239 62,080 5,383 53,356 |
|---|---|---|---|---|
| 1,059,858 | ||||
| 2,098 808,101 |
||||
| 810,199 | ||||
| 249,659 | ||||
| 719,599 249,659 |
||||
| 969,258 |
The Statement of Financial Activities includes all gains and losses recognised in the year.
All activities relate to continuing operations.
Included within donations income for 2023 is £15,700 in respect of restricted income. Included within expenditure on charitable activities for 2023 is £10,550 in respect of restricted expenditure.
The notes on pages 14 to 28 form part of these financial statements.
Page 10
ST PHILOMENA'S SCHOOL LIMITED (A Company Limited by Guarantee) REGISTERED NUMBER: 02071112
BALANCE SHEET AS AT 31 AUGUST 2024
| Note Fixed assets Tangible assets 9 Current assets Stocks Debtors 10 Cash at bank and in hand Creditors: amounts falling due within one year 11 Net current assets Total assets less current liabilities Total net assets Charity funds Restricted funds 19 Unrestricted funds 19 Total funds |
2,361 3,500 971,991 977,852 (223,773) |
2024 £ 397,101 397,101 754,079 1,151,180 1,151,180 508 1,150,672 1,151,180 |
2,361 2,893 778,991 784,245 (230,772) |
2023 £ 415,785 |
|---|---|---|---|---|
| 415,785 553,473 |
||||
| 969,258 | ||||
| 969,258 | ||||
| 508 968,750 |
||||
| 969,258 |
Page 11
ST PHILOMENA'S SCHOOL UMITED IA Company Llmlt•d by Guorantwl BALANCE SHEET ICONTINUEDI AS AT 31 AUGUST 2024 The financial slatemBnts ha¥9 been prePed in aCcd tAh ts wo¥iwns applKable lo entities subject lo the small ttfflpanies rtgime. The finon¢Sal slBlements were Bpproved •r¥J luttlsed lor issue by Ihe Counul ol M8nagerngTht on arKI swd 11 by. Mrn J G•ld•NI Chalrman ol Coundl ol Manag8ment Mr L Tovmmnd M¢mbar of Countyl ol Man•gemenl Th? n01•5 on paw 14 to 28 lorm wlof Ihese fmnri81 statem8. &I,,IE4 P48 12
ST PHILOMENA'S SCHOOL LIMITED
(A Company Limited by Guarantee)
| STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2024 |
||
|---|---|---|
| Cash flows generated from operating activities Net cash used in operating activities Cash flows from investing activities Interest income Purchase of tangible fixed assets Sale of tangible fixed assets Net cash provided by/(used in) investing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year The notes on pages 14 to 28 form part of these financial statements |
2024 £ 178,403 15,138 (541) - 14,597 193,000 778,991 971,991 |
2023 £ 168,263 5,383 (30,087) 3,000 (21,704) 146,559 632,432 778,991 |
Page 13
ST PHILOMENA'S SCHOOL LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
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.
2. Accounting policies
2.1 Basis of preparation of financial statements
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 Charitable Company’s ability to continue as a going concern.
The financial statements are prepared in pounds sterling and rounded to the nearest £1.
2.2 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.
2.3 Gifts and donations
These are accounted as received and include gifts and subsidies in kind accounted at value to the school.
Page 14
ST PHILOMENA'S SCHOOL LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
2. Accounting policies (continued)
2.4 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.
2.5 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.
2.6 Grants
Grants for specific purposes are accounted for when received and relevant expenditure of the grant is recognised when made.
2.7 Tangible fixed assets and depreciation
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives.
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 |
| Motor vehicles | - | 20% straight line |
| Office equipment | - | 15% reducing balance |
| Playground equipment | - | 10% straight line |
Page 15
ST PHILOMENA'S SCHOOL LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
2. Accounting policies (continued)
2.8 Stocks
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.
2.9 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.
2.10 Operating leases
Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight-line basis over the lease term.
2.11 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.
2.12 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.
Page 16
(A Company Limited by Guarantee)
ST PHILOMENA'S SCHOOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
3. Critical accounting estimates and areas of judgment
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.
4. Income from charitable activities - Term fees
| Unrestricted funds 2024 £ School fees 951,513 Less: bursaries and scholarships (72,508) 879,005 |
Total funds 2024 £ 951,513 (72,508) 879,005 |
Total funds 2023 £ 1,003,423 (80,184) |
|---|---|---|
| 923,239 |
5. Expenditure on raising funds
| Unrestricted funds 2024 £ Fundraising costs 1,972 Unrestricted funds 2023 £ Fundraising costs 2,098 |
Total funds 2024 £ 1,972 |
|---|---|
| Total funds 2023 £ 2,098 |
Page 17
(A Company Limited by Guarantee)
ST PHILOMENA'S SCHOOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
6. Expenditure on charitable activities
| Unrestricted funds 2024 £ Teaching salaries and self-employed tutors 526,873 Rent, rates and insurance 30,915 Heat and light 9,159 Textbooks and uniform 12,430 Outings 28,009 Travelling 1,657 Supplies excluding textbooks 12,358 Depreciation 19,225 Repairs and renewals 30,850 Non teaching wages 111,866 Telephone and internet 1,245 Postage, stationary and advertising 2,956 Staff welfare and cleaning 12,606 Sundries 14,989 Professional training and subscriptions 4,871 Rent of office equipment 5,073 Book-keeping 409 Bank charges 898 Bad debt provision 2,523 Human resources advisory costs 4,657 Professional fees 2,192 Audit costs 6,540 842,301 |
Restricted funds 2024 £ - - - - - 500 - - - - - - - - - - - - - - - - 500 |
Total funds 2024 £ 526,873 30,915 9,159 12,430 28,009 2,157 12,358 19,225 30,850 111,866 1,245 2,956 12,606 14,989 4,871 5,073 409 898 2,523 4,657 2,192 6,540 |
|---|---|---|
| 842,801 |
Included within expenditure on charitiable activities for 2024 is £500 in respect of restricted expenditure. This relates to travel costs.
Page 18
ST PHILOMENA'S SCHOOL LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
| Teaching salaries and self-employed tutors Rent, rates and insurance Heat and light Textbooks Outings Travelling Supplies excluding textbooks Depreciation Repairs and renewals Non-teaching wages Telephone and internet Postage, stationary and advertising Staff welfare and cleaning Sundries Professional training and subscriptions Rent of office equipment Book-keeping Bank charges Bad debt provision Human resources advisory costs Professional fees Audit costs |
Unrestricted funds 2023 £ 518,819 33,490 6,772 7,025 37,987 3,837 12,633 16,680 34,977 82,872 1,121 3,511 7,549 11,472 3,931 4,660 583 883 (1,470) 3,229 90 6,900 797,551 |
Restricted funds 2023 £ - - - - - - - - - - - - - 10,550 - - - - - - - - 10,550 |
Total funds 2023 £ 518,819 33,490 6,772 7,025 37,987 3,837 12,633 16,680 34,977 82,872 1,121 3,511 7,549 22,022 3,931 4,660 583 883 (1,470) 3,229 90 6,900 808,101 |
|---|---|---|---|
Included within expenditure on charitiable activities for 2023 is £10,550 in respect of restricted expenditure. This relates to sundries and supplies. Included in the above is £6,540 (2023: £6,190) of governance costs, which comprises of Audit fees.
Page 19
(A Company Limited by Guarantee)
ST PHILOMENA'S SCHOOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
7. Net income
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Rent of premises | 15,186 | 17,500 |
| Depreciation | 19,225 | 16,680 |
| Profit on disposal of fixed assets | - | (3,000) |
| Audit fees | 6,540 | 6,900 |
| Office equipment rental | 5,073 | 4,660 |
8. Staff costs
| Wages and salaries Social security costs Contribution to defined contribution pension schemes |
2024 £ 459,579 39,289 48,326 547,194 |
2023 £ 443,796 36,220 76,490 |
|---|---|---|
| 556,506 |
The average number of persons employed by the Charitable Company during the year was as follows:
| 2024 | 2023 | |
|---|---|---|
| No. | No. | |
| Employees | 16 | 18 |
One employee received emoluments above £60,000 during the year (2023: 1) as analysed below:
| 2024 | 2023 | ||
|---|---|---|---|
| No. | No. | ||
| In the band £60,001 | - £70,000 | 1 | 1 |
The gross employment costs of key management personnel, which includes employer's national insurance is £91,635 (2023: £83,874).
No members of the Council of Management received remuneration during the year.
Page 20
ST PHILOMENA'S SCHOOL LIMITED (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
9. Tangible fixed assets
| Cost At 1 September 2023 Additions Disposals At 31 August 2024 Depreciation At 1 September 2023 Charge for the year On disposals At 31 August 2024 Net book value At 31 August 2024 At 31 August 2023 |
Clover House £ 122,374 - - 122,374 66,128 2,447 - 68,575 53,799 56,246 |
Capital improvements to Clover House £ 81,737 - - 81,737 32,816 1,634 - 34,450 47,287 48,921 |
Jubilee House £ 330,970 - - 330,970 137,346 6,619 - 143,965 187,005 193,624 |
Capital improvements to Jubilee House £ 103,799 - - 103,799 26,712 2,077 - 28,789 75,010 77,087 |
Minibus £ 8,000 - - 8,000 4,133 1,600 - 5,733 2,267 3,867 |
Equipment, Fixtures and fittings £ 31,304 - (5,847) 25,457 25,939 1,031 (5,847) 21,123 4,334 5,365 |
IT equipment Playground equipment £ £ 20,525 23,982 541 - (11,400) - 9,666 23,982 13,033 799 1,499 2,318 (11,400) - 3,132 3,117 6,534 20,865 7,492 23,183 |
Total £ 722,691 541 (17,247) 705,985 306,906 19,225 (17,247) 308,884 397,101 415,785 |
|---|---|---|---|---|---|---|---|---|
Page 21
(A Company Limited by Guarantee)
ST PHILOMENA'S SCHOOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
10. Debtors
| Trade debtors Prepayments |
2024 £ 2,122 1,378 3,500 |
2023 £ 1,329 1,564 |
|---|---|---|
| 2,893 |
11. Creditors: Amounts falling due within one year
| Receipts in advance Trade creditors Parent held deposits Social security and other taxes Other creditors Accruals |
2024 £ 149,346 10,043 41,200 10,536 5,748 6,900 223,773 |
2023 £ 151,251 9,115 44,400 10,309 8,797 6,900 |
|---|---|---|
| 230,772 |
12. Share Capital
The charitable company does not have any share capital and is limited by guarantee of the members with individual liabilities of £1.
13. Related party transactions
During the year, £1,500 (2023: £Nil) of donations to the charitable company were received from members of the Council of Management. These comprised of £500 from J Geldard and £1,000 from L Townsend.
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.
Page 22
ST PHILOMENA'S SCHOOL LIMITED (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
14. Operating lease commitments
At 31 August 2024 the Charitable Company had commitments to make future minimum lease payments under non-cancellable operating leases as follows:
| Not later than 1 year Later than 1 year and not later than 5 years Later than 5 years |
2024 £ 15,746 74,134 51,667 141,547 |
2023 £ 15,000 67,083 71,667 |
|---|---|---|
| 153,750 |
During the year, the company incurred expenditure of £15,186 (2023: £17,500) relating to operating leases.
15. Pension commitments
At 31 August 2024 the annual pension contributions paid totalled £68,193 (2023: £76,490). Included in other creditors is an amount of £5,700 in relation to accrued pension contributions (2023: £8,737).
16. Reconciliation of net movement in funds to net cash flow from operating activities
| Net income for the period (as per Statement of Financial Activities) Adjustments for: Depreciation charges Interest income Loss on the sale of fixed assets Increase in debtors Decrease in creditors Cash flows generated from operating activities |
2024 £ 181,922 19,225 (15,138) - (607) (6,999) 178,403 |
2023 £ 249,659 |
|---|---|---|
| 16,680 (5,383) (3,000) (1,075) (88,618) |
||
| 168,263 |
Page 23
ST PHILOMENA'S SCHOOL LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
17. Analysis of cash and cash equivalents
| Cash in hand Total cash and cash equivalents |
2024 £ 971,991 971,991 |
2023 £ 778,991 |
|---|---|---|
| 778,991 |
18. Analysis of changes in net debt
| Cash at bank and in hand | At 1 September 2023 £ 778,991 778,991 |
Cash flows At 31 August 2024 £ £ 193,000 971,991 193,000 971,991 |
Cash flows At 31 August 2024 £ £ 193,000 971,991 193,000 971,991 |
|---|---|---|---|
| 971,991 |
Page 24
(A Company Limited by Guarantee)
ST PHILOMENA'S SCHOOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
| 19. Statement of funds Statement of funds - current year Unrestricted funds Unrestricted Fund Restricted funds Miscellaneous donations Total of funds |
Balance at 1 September 2023 £ 968,750 508 969,258 |
Income £ 1,026,195 500 1,026,695 |
Expenditure £ (844,273) (500) (844,773) |
Balance at 31 August 2024 £ 1,150,672 |
|---|---|---|---|---|
| 508 | ||||
| 1,151,180 |
Page 25
ST PHILOMENA'S SCHOOL LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
19. Statement of funds (continued)
Statement of funds - prior year
| Unrestricted funds Unrestricted Fund Restricted funds Miscellaneous donations Early years playground Purchase of IT equipment Total of funds |
Balance at 1 September 2022 £ 718,541 1,058 - - 1,058 719,599 |
Income £ 1,044,158 - 10,000 5,700 15,700 1,059,858 |
Expenditure £ (799,649) (550) (10,000) - (10,550) (810,199) |
Transfers in/out £ 5,700 - - (5,700) (5,700) - |
Balance at 31 August 2023 £ 968,750 |
|---|---|---|---|---|---|
| 508 - - |
|||||
| 508 | |||||
| 969,258 |
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.
Page 26
ST PHILOMENA'S SCHOOL LIMITED (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
20. 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 2020 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 2020) £222,200 million Value of notional liabilities at date of last valuation (pensions currently in payment and the estimated future costs of benefits) £262,000 million Balance of Scheme assets and liabilities at 31 March 2020 £(39,800) million Proportion of members’ accrued benefits covered by the notional value of the assets 84.85%
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 to the TPS scheme for the year ended 31 August 2024 were £63,365 (2023: £100,129) of which employers’ contributions totalled £46,801 (2023: £72,541) and employees’ contributions totalled £16,564 (2023: £27,588).
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 2 members of staff left in the Teachers’ Pension Scheme. All other staff are enrolled in either TPT or NEST, defined contribution pension schemes.
The total contributions made to the TPT scheme for the year end 31 August 2024 were £9,933 (2023:£Nil), of which employees' contributions totalled £9,933 (2023: £Nil).
Page 27
(A Company Limited by Guarantee)
ST PHILOMENA'S SCHOOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
21. Reconciliation of net assets between funds
| Unrestricted funds 2024 £ Fixed assets 397,102 Net current assets 753,571 1,150,673 Unrestricted funds 2023 £ Fixed assets 415,785 Net current assets 552,965 968,750 |
Restricted funds 2024 £ - 508 508 Restricted funds 2023 £ - 508 508 |
Total funds 2024 £ 397,102 754,079 |
|---|---|---|
| 1,151,181 | ||
| Total funds 2023 £ 415,785 553,473 |
||
| 969,258 |
Page 28
ST PHILOMENA'S SCHOOL LIMITED
(A Company Limited by Guarantee)
INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 AUGUST 2024
| Income Term fees Less: bursaries and scholarships Pupil extras Sundry income Fund raising income Donations received Interest Gross income in the year Education expenditure Teaching salaries and costs Rent, rates and insurance Repairs and renewals Textbooks etc. Heat and light School outings Travelling School supplies excluding textbooks |
2024 £ 951,513 (72,508) 57,660 39,253 29,306 6,333 15,138 526,873 30,915 30,850 12,430 9,159 28,009 2,157 12,358 |
2024 £ 1,026,695 1,026,695 652,751 |
2023 £ 1,003,423 (80,184) 53,356 40,902 21,178 15,800 5,383 518,819 33,490 34,977 7,025 6,772 37,987 3,837 12,633 |
2023 £ |
|---|---|---|---|---|
| 1,059,858 | ||||
| 1,059,858 | ||||
| 655,540 |
Page 29
(A Company Limited by Guarantee)
ST PHILOMENA'S SCHOOL LIMITED
INCOME AND EXPENDITURE ACCOUNT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024
| Administration expenditure Non-teaching wages Telephone Postage, stationery and advertising Staff welfare and cleaning Sundries Audit and accountancy Human resources advisory costs Professional training and subscriptions Rent of office equipment Professional fees Book-keeping and other office services Bad debts Fundraising expenditure Finance expenditure Bank charges Depreciation Total expenditure Net surplus for the year |
2024 £ 111,866 1,245 2,956 12,606 14,989 6,540 4,657 4,871 5,073 2,192 409 2,523 1,972 898 19,225 |
2024 £ 171,899 20,123 844,773 181,922 |
2023 £ 82,872 1,121 3,511 7,549 22,022 6,900 3,229 3,931 4,660 90 583 (1,470) 2,098 883 16,680 |
2023 £ |
|---|---|---|---|---|
| 137,096 | ||||
| 17,563 | ||||
| 810,199 | ||||
| 249,659 |
Page 30