**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**<br>**number**<br>02071112<br>**Charity registered**<br>**number**<br>298635<br>**Registered office**<br>St Philomena’s School<br>Hadleigh Road<br>Frinton on Sea<br>Essex<br>CO13 9HQ<br>**Company secretary**<br>Post currently vacant<br>**Independent auditor**<br>Sumer Auditco Limited<br>820 The Crescent<br>Colchester Business Park<br>Colchester<br>Essex<br>CO4 9YQ<br>**Bankers**<br>HSBC Bank<br>47 Station Road<br>Clacton on Sea<br>Essex<br>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 Ph*kJmena 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 ac￿rdanCe 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 cou￿11 ol Man#Ve￿nI are requirod lo..
seleci $uitsble accounting policie5 and then appty Ih8m cthn*slenty,
observe the m¢ihods and principles in Chariiie5 SORP..
make judgements and *$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 fi￿ncIal 8laleThnts on Iho golrvj b•els Un￿$6 R Is thIpw￿#t• to pr•$urn8 Ihal
¢haritsble company*lll Continue to opwats.
The Council of Man89em?nt are resptyvJibl• for kel￿ng 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
lo￿allY resigned as th8 Charity$ audiior Iho Ctyjntsl of Managernenl duly appoin￿ Surner Audil¢o Limited
lo fill lh• va¢anLy afft￿n9.
Tho auditor. Sumer Auditco Limited. h8$ u￿￿01•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 proVis￿n5 conlained in
Part 15 of the Cornp3nies Act 2￿ffj. reLg1ing lo sma4 companies.
roved by order ol mern￿rs of the trA)ard of Coun￿1 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 

- the financial statements are not in agreement with the accounting records and returns; or 

- certain disclosures of 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 

- 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 linital￿rts 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 no1￿coMplI8n¢e with regulat￿n. 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 fra￿1 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 0￿p1 or assume responsibilrty to anyone other than
the charrtable company and ils m￿bers. 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**<br>Income from:<br>Donations and legacies<br>Charitable activities<br>4<br>Other trading activities<br>Investments<br>Other income<br>**Total income**<br>**Expenditure on:**<br>Raising funds<br>5<br>Charitable activities<br>6<br>**Total expenditure**<br>**Net movement in funds**<br>**Reconciliation of funds:**<br>Total funds brought forward<br>Net movement in funds<br>**Total funds carried forward**|**Unrestricted**<br>**funds**<br>**2024**<br>**£**<br>**5,833**<br>**879,005**<br>**68,559**<br>**15,138**<br>**57,660**<br>**1,026,195**<br>**1,972**<br>**842,301**<br>**844,273**<br>**181,922**<br>**968,750**<br>**181,922**<br>**1,150,672**|**Restricted**<br>**funds**<br>**2024**<br>**£**<br>**500**<br>**-**<br>**-**<br>**-**<br>**-**<br>**500**<br>**-**<br>**500**<br>**500**<br>**-**<br>**508**<br>**-**<br>**508**|**Total**<br>**funds**<br>**2024**<br>**£**<br>**6,333**<br>**879,005**<br>**68,559**<br>**15,138**<br>**57,660**<br>**1,026,695**<br>**1,972**<br>**842,801**<br>**844,773**<br>**181,922**<br>**969,258**<br>**181,922**<br>**1,151,180**|Total<br>funds<br>2023<br>£<br>15,800<br>923,239<br>62,080<br>5,383<br>53,356|
|---|---|---|---|---|
|||||1,059,858|
|||||2,098<br>808,101|
|||||810,199|
|||||249,659|
|||||719,599<br>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**<br>**Fixed assets**<br>Tangible assets<br>9<br>**Current assets**<br>Stocks<br>Debtors<br>10<br>Cash at bank and in hand<br>Creditors: amounts falling due within one<br>year<br>11<br>**Net current assets**<br>**Total assets less current liabilities**<br>**Total net assets**<br>**Charity funds**<br>Restricted funds<br>19<br>Unrestricted funds<br>19<br>**Total funds**|**2,361**<br>**3,500**<br>**971,991**<br>**977,852**<br>**(223,773)**|**2024**<br>**£**<br>**397,101**<br>**397,101**<br>**754,079**<br>**1,151,180**<br>**1,151,180**<br>**508**<br>**1,150,672**<br>**1,151,180**|2,361<br>2,893<br>778,991<br>784,245<br>(230,772)|2023<br>£<br>415,785|
|---|---|---|---|---|
|||||415,785<br>553,473|
|||||969,258|
||||||
|||||969,258|
|||||508<br>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 preP￿ed in aCc￿d￿ tAh ts wo¥iwns applKable lo entities subject lo
the small ttfflpanies rtgime.
The finon¢Sal slBlements were Bpproved •r¥J lutt￿lsed 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**<br>**FOR THE YEAR ENDED 31 AUGUST 2024**|||
|---|---|---|
|**Cash flows generated from operating activities**<br>Net cash used in operating activities<br>**Cash flows from investing activities**<br>Interest income<br>Purchase of tangible fixed assets<br>Sale of tangible fixed assets<br>**Net cash provided by/(used in) investing activities**<br>**Change in cash and cash equivalents in the year**<br>Cash and cash equivalents at the beginning of the year<br>**Cash and cash equivalents at the end of the year**<br>The notes on pages 14 to 28 form part of these financial statements|**2024**<br>**£**<br>**178,403**<br>**15,138**<br>**(541)**<br>**-**<br>**14,597**<br>**193,000**<br>**778,991**<br>**971,991**|2023<br>£<br>168,263<br>5,383<br>(30,087)<br>3,000<br>(21,704)<br>146,559<br>632,432<br>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**<br>**funds**<br>**2024**<br>**£**<br>School fees<br>951,513<br>Less: bursaries and scholarships<br>(72,508)<br>879,005|**Total**<br>**funds**<br>**2024**<br>**£**<br>**951,513**<br>**(72,508)**<br>**879,005**|Total<br>funds<br>2023<br>£<br>1,003,423<br>(80,184)|
|---|---|---|
|||923,239|



## **5. Expenditure on raising funds** 

|**Unrestricted**<br>**funds**<br>**2024**<br>**£**<br>Fundraising costs<br>1,972<br>Unrestricted<br>funds<br>2023<br>£<br>Fundraising costs<br>2,098|**Total**<br>**funds**<br>**2024**<br>**£**<br>**1,972**|
|---|---|
||Total<br>funds<br>2023<br>£<br>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**<br>**funds**<br>**2024**<br>**£**<br>Teaching salaries and self-employed tutors<br>526,873<br>Rent, rates and insurance<br>30,915<br>Heat and light<br>9,159<br>Textbooks and uniform<br>12,430<br>Outings<br>28,009<br>Travelling<br>1,657<br>Supplies excluding textbooks<br>12,358<br>Depreciation<br>19,225<br>Repairs and renewals<br>30,850<br>Non teaching wages<br>111,866<br>Telephone and internet<br>1,245<br>Postage, stationary and advertising<br>2,956<br>Staff welfare and cleaning<br>12,606<br>Sundries<br>14,989<br>Professional training and subscriptions<br>4,871<br>Rent of office equipment<br>5,073<br>Book-keeping<br>409<br>Bank charges<br>898<br>Bad debt provision<br>2,523<br>Human resources advisory costs<br>4,657<br>Professional fees<br>2,192<br>Audit costs<br>6,540<br>842,301|**Restricted**<br>**funds**<br>**2024**<br>**£**<br>-<br>-<br>-<br>-<br>-<br>500<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>500|**Total**<br>**funds**<br>**2024**<br>**£**<br>**526,873**<br>**30,915**<br>**9,159**<br>**12,430**<br>**28,009**<br>**2,157**<br>**12,358**<br>**19,225**<br>**30,850**<br>**111,866**<br>**1,245**<br>**2,956**<br>**12,606**<br>**14,989**<br>**4,871**<br>**5,073**<br>**409**<br>**898**<br>**2,523**<br>**4,657**<br>**2,192**<br>**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<br>Rent, rates and insurance<br>Heat and light<br>Textbooks<br>Outings<br>Travelling<br>Supplies excluding textbooks<br>Depreciation<br>Repairs and renewals<br>Non-teaching wages<br>Telephone and internet<br>Postage, stationary and advertising<br>Staff welfare and cleaning<br>Sundries<br>Professional training and subscriptions<br>Rent of office equipment<br>Book-keeping<br>Bank charges<br>Bad debt provision<br>Human resources advisory costs<br>Professional fees<br>Audit costs|Unrestricted<br>funds<br>2023<br>£<br>518,819<br>33,490<br>6,772<br>7,025<br>37,987<br>3,837<br>12,633<br>16,680<br>34,977<br>82,872<br>1,121<br>3,511<br>7,549<br>11,472<br>3,931<br>4,660<br>583<br>883<br>(1,470)<br>3,229<br>90<br>6,900<br>797,551|Restricted<br>funds<br>2023<br>£<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>10,550<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>10,550|Total<br>funds<br>2023<br>£<br>518,819<br>33,490<br>6,772<br>7,025<br>37,987<br>3,837<br>12,633<br>16,680<br>34,977<br>82,872<br>1,121<br>3,511<br>7,549<br>22,022<br>3,931<br>4,660<br>583<br>883<br>(1,470)<br>3,229<br>90<br>6,900<br>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<br>Social security costs<br>Contribution to defined contribution pension schemes|**2024**<br>**£**<br>**459,579**<br>**39,289**<br>**48,326**<br>**547,194**|2023<br>£<br>443,796<br>36,220<br>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**<br>At 1 September 2023<br>Additions<br>Disposals<br>At 31 August 2024<br>**Depreciation**<br>At 1 September 2023<br>Charge for the year<br>On disposals<br>At 31 August 2024<br>**Net book value**<br>At 31 August 2024<br>At 31 August 2023|**Clover**<br>**House**<br>**£**<br>**122,374**<br>**-**<br>**-**<br>**122,374**<br>**66,128**<br>**2,447**<br>**-**<br>**68,575**<br>**53,799**<br>56,246|**Capital**<br>**improvements to**<br>**Clover House**<br>**£**<br>**81,737**<br>**-**<br>**-**<br>**81,737**<br>**32,816**<br>**1,634**<br>**-**<br>**34,450**<br>**47,287**<br>48,921|**Jubilee**<br>**House**<br>**£**<br>**330,970**<br>**-**<br>**-**<br>**330,970**<br>**137,346**<br>**6,619**<br>**-**<br>**143,965**<br>**187,005**<br>193,624|**Capital**<br>**improvements to**<br>**Jubilee House**<br>**£**<br>**103,799**<br>**-**<br>**-**<br>**103,799**<br>**26,712**<br>**2,077**<br>**-**<br>**28,789**<br>**75,010**<br>77,087|**Minibus**<br>**£**<br>**8,000**<br>**-**<br>**-**<br>**8,000**<br>**4,133**<br>**1,600**<br>**-**<br>**5,733**<br>**2,267**<br>3,867|**Equipment,**<br>**Fixtures**<br>**and fittings**<br>**£**<br>**31,304**<br>**-**<br>**(5,847)**<br>**25,457**<br>**25,939**<br>**1,031**<br>**(5,847)**<br>**21,123**<br>**4,334**<br>5,365|**IT**<br>**equipment**<br>**Playground**<br>**equipment**<br>**£**<br>**£**<br>**20,525**<br>**23,982**<br>**541**<br>**-**<br>**(11,400)**<br>**-**<br>**9,666**<br>**23,982**<br>**13,033**<br>**799**<br>**1,499**<br>**2,318**<br>**(11,400)**<br>**-**<br>**3,132**<br>**3,117**<br>**6,534**<br>**20,865**<br>7,492<br>23,183|**Total**<br>**£**<br>**722,691**<br>**541**<br>**(17,247)**<br>**705,985**<br>**306,906**<br>**19,225**<br>**(17,247)**<br>**308,884**<br>**397,101**<br>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<br>Prepayments|**2024**<br>**£**<br>**2,122**<br>**1,378**<br>**3,500**|2023<br>£<br>1,329<br>1,564|
|---|---|---|
||||
|||2,893|



## **11. Creditors: Amounts falling due within one year** 

|Receipts in advance<br>Trade creditors<br>Parent held deposits<br>Social security and other taxes<br>Other creditors<br>Accruals|**2024**<br>**£**<br>**149,346**<br>**10,043**<br>**41,200**<br>**10,536**<br>**5,748**<br>**6,900**<br>**223,773**|2023<br>£<br>151,251<br>9,115<br>44,400<br>10,309<br>8,797<br>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<br>Later than 1 year and not later than 5 years<br>Later than 5 years|**2024**<br>**£**<br>**15,746**<br>**74,134**<br>**51,667**<br>**141,547**|2023<br>£<br>15,000<br>67,083<br>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)<br>**Adjustments for:**<br>Depreciation charges<br>Interest income<br>Loss on the sale of fixed assets<br>Increase in debtors<br>Decrease in creditors<br>**Cash flows generated from operating activities**|**2024**<br>**£**<br>**181,922**<br>**19,225**<br>**(15,138)**<br>**-**<br>**(607)**<br>**(6,999)**<br>**178,403**|2023<br>£<br>249,659|
|---|---|---|
|||16,680<br>(5,383)<br>(3,000)<br>(1,075)<br>(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<br>**Total cash and cash equivalents**|**2024**<br>**£**<br>**971,991**<br>**971,991**|2023<br>£<br>778,991|
|---|---|---|
||||
|||778,991|



## **18. Analysis of changes in net debt** 

|Cash at bank and in hand|**At 1**<br>**September**<br>**2023**<br>**£**<br>**778,991**<br>**778,991**|**Cash flows**<br>**At 31**<br>**August 2024**<br>**£**<br>**£**<br>**193,000**<br>**971,991**<br>**193,000**<br>**971,991**|**Cash flows**<br>**At 31**<br>**August 2024**<br>**£**<br>**£**<br>**193,000**<br>**971,991**<br>**193,000**<br>**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.**<br>**Statement of funds**<br>**Statement of funds - current year**<br>**Unrestricted funds**<br>Unrestricted Fund<br>**Restricted funds**<br>Miscellaneous donations<br>**Total of funds**|**Balance at 1**<br>**September**<br>**2023**<br>**£**<br>**968,750**<br>**508**<br>**969,258**|**Income**<br>**£**<br>**1,026,195**<br>**500**<br>**1,026,695**|**Expenditure**<br>**£**<br>**(844,273)**<br>**(500)**<br>**(844,773)**|**Balance at**<br>**31 August**<br>**2024**<br>**£**<br>**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**<br>Unrestricted Fund<br>**Restricted funds**<br>Miscellaneous donations<br>Early years playground<br>Purchase of IT equipment<br>**Total of funds**|Balance at<br>1 September<br>2022<br>£<br>718,541<br>1,058<br>-<br>-<br>1,058<br>719,599|Income<br>£<br>1,044,158<br>-<br>10,000<br>5,700<br>15,700<br>1,059,858|Expenditure<br>£<br>(799,649)<br>(550)<br>(10,000)<br>-<br>(10,550)<br>(810,199)|Transfers<br>in/out<br>£<br>5,700<br>-<br>-<br>(5,700)<br>(5,700)<br>-|Balance at<br>31 August<br>2023<br>£<br>968,750|
|---|---|---|---|---|---|
||||||508<br>-<br>-|
||||||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**<br>**funds**<br>**2024**<br>**£**<br>Fixed assets<br>397,102<br>Net current assets<br>753,571<br>1,150,673<br>Unrestricted<br>funds<br>2023<br>£<br>Fixed assets<br>415,785<br>Net current assets<br>552,965<br>968,750|**Restricted**<br>**funds**<br>**2024**<br>**£**<br>-<br>508<br>508<br>Restricted<br>funds<br>2023<br>£<br>-<br>508<br>508|**Total**<br>**funds**<br>**2024**<br>**£**<br>**397,102**<br>**754,079**|
|---|---|---|
|||**1,151,181**|
|||Total<br>funds<br>2023<br>£<br>415,785<br>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**<br>Term fees<br>Less: bursaries and scholarships<br>Pupil extras<br>Sundry income<br>Fund raising income<br>Donations received<br>Interest<br>**Gross income in the year**<br>**Education expenditure**<br>Teaching salaries and costs<br>Rent, rates and insurance<br>Repairs and renewals<br>Textbooks etc.<br>Heat and light<br>School outings<br>Travelling<br>School supplies excluding textbooks|**2024**<br>**£**<br>**951,513**<br>**(72,508)**<br>**57,660**<br>**39,253**<br>**29,306**<br>**6,333**<br>**15,138**<br>**526,873**<br>**30,915**<br>**30,850**<br>**12,430**<br>**9,159**<br>**28,009**<br>**2,157**<br>**12,358**|**2024**<br>**£**<br>**1,026,695**<br>**1,026,695**<br>**652,751**|2023<br>£<br>1,003,423<br>(80,184)<br>53,356<br>40,902<br>21,178<br>15,800<br>5,383<br>518,819<br>33,490<br>34,977<br>7,025<br>6,772<br>37,987<br>3,837<br>12,633|2023<br>£|
|---|---|---|---|---|
|||||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**<br>Non-teaching wages<br>Telephone<br>Postage, stationery and advertising<br>Staff welfare and cleaning<br>Sundries<br>Audit and accountancy<br>Human resources advisory costs<br>Professional training and subscriptions<br>Rent of office equipment<br>Professional fees<br>Book-keeping and other office services<br>Bad debts<br>Fundraising expenditure<br>**Finance expenditure**<br>Bank charges<br>Depreciation<br>**Total expenditure**<br>**Net surplus for the year**|**2024**<br>**£**<br>**111,866**<br>**1,245**<br>**2,956**<br>**12,606**<br>**14,989**<br>**6,540**<br>**4,657**<br>**4,871**<br>**5,073**<br>**2,192**<br>**409**<br>**2,523**<br>**1,972**<br>**898**<br>**19,225**|**2024**<br>**£**<br>**171,899**<br>**20,123**<br>**844,773**<br>**181,922**|2023<br>£<br>82,872<br>1,121<br>3,511<br>7,549<br>22,022<br>6,900<br>3,229<br>3,931<br>4,660<br>90<br>583<br>(1,470)<br>2,098<br>883<br>16,680|2023<br>£|
|---|---|---|---|---|
|||||137,096|
||||||
|||||17,563|
||||||
||||||
|||||810,199|
||||||
||||||
|||||249,659|



Page 30