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2020-08-31-accounts

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Registered number: 0988976 Charity number: 309266

ST MARY'S SCHOOL (COLCHESTER) LIMITED GOVERNORS' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

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ST MARY'S SCHOOL (COLCHESTER) LIMITED

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CONTENTS

Page
Reference and administrative detalls of the company, Its Governors and advisers {
Governors' report 2-9
Independentauditors' report on the flnanclal statements 10-13
Consolidated statement offinancial activities 14
Consolidated balance sheet 15-16
Company balance sheet 17-18
Consolidated statement ofcash flows 19
Notestothefinancla!statements 20-37

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ST MARY'S SCHOOL (COLCHESTER) LIMITED

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS GOVERNORS AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2020

Governors

Mrs K Abbott BA Hons English Literature (appointed 21 February 2020) Mrs E L Bevan BSc Business Admin, Chair till 31/12/2020 (resigned 31-December 2020) Mrs R Brown 2.1 Business Admin & French Mrs L Gray 2.1 Law (resigned 13 March 2020) Mr A Hildred Chartered Financial Planner, Chair from 01/01/2021 (appointed 5 December 2019) Mr R G Lambert BCom (Edinburgh), Chair of Finance Committee Mrs M Loxley 2.1 (Dual Hons) Law & Psychology Mr.W Magill MA (Eng) Mrs B Morelli BA Hons) Mrs J Triggs Diploma (Personnel Management)

Key Management Mrs H K Vipond M Ed,BSc(Hons), NPQH, Principal Mr S E Cooke, Bursar and Clerk to the Governors (resigned 31/12/2020)

Company reglstered
number 0988976
Charity registered
number 309266
Registered office 91 Lexden Road
Colchester
Essex
C03 3RB
Company secretary & Miss AWalkerMAAT
Finance Manager
The Chair Mrs E Bevan (till 31/12/2020) Mr A Hildred (from 01/01/2021)
Independent auditors Griffin Chapman
Chartered Accountants
4&5 The Cedars ,
Apex 12
Old Ipswich Road
Colchester
Essex
CO77QR

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ST MARY'S SCHOOL (COLCHESTER) LIMITED

a ——— GOVERNORS' REPORT FOR THE YEAR ENDED 31 AUGUST 2020 aSFSSSSSSSSSSSSSSSSSSSSSSeeeEEEEE

The Governors present thelr annual report together with the audited financial statements of the company for the year 1 September 2019 to 31 August 2020. The Annual report serves the purposes of both a Govermors' report and a directors’ report under company law. The Governors confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financlal Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).

Objectives and activities

a. Policies and objectives

The primary objective of the charity as set out in the company’s Memorandum and Articles of Association Is the education of girls from the age of two years to sixteen years. This Includes the provision and enhancement of education in three areas of the organisation — Kindergarten for puplls (including boys) aged ‘rising 3’ to 4, Lower School for pupils aged 4-11 and Senior School for those aged 11-16. In the furtherance of this Object the Governors, as the charity trustees, have complied with the duty in s.4 of the Charities Act 2011 to have due regard to the Charity Commission’s published general and relevant sub-sector guidance concerning the operation of the Public Benefit requirement under that Act.

The School does not have an endowment fund available to finance our Public Benefit responsibilities. Rather, we set aside an agreed amount of our expenditure budget to provide various forms of assistance to parents with the cost of fees, including bursaries. We publicise these on our web site and elsewhere. Actual expenditure Is dependent on information provided by parents to the School.

The Governors review the forms of support available to ensure they remain relevant to parents and potential parents. During the year a number of families have benefitted from this support.

We co-operate with and fundraise for many and varied charities in our ongoing endeavours to widen public access to the Schooling we can provide. The School has a programme to optimise the educational use of our buildings and sporting facilities and to awaken in our pupils an awareness of the wider social context of the education they receive at the School. We should particularly like to thank the members of staff who are Involved in work in the community beyond School, as a natural part of their own activities,

COVID-19

Following the Government announcement of a national lockdown, the School was required to close its premises to all but children of keyworkers from 23 March 2020. The Senior Leadership Team discussed and implemented plans to ensure that education could continue to be delivered through to the full reopening of the School from September 2020.It is a testament to all of the staff that the School was able to offer continuity of provision during that difficult period. The impact of the pandemic was (and continues to be) felt across many aspects of the organisation and as such will be referred to in varlous sections of thls report.

In setting objectives and planning for activities, the Governors have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance ‘Public benefit: running a charity (PB2)'.

Strategic report

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a. Review of activities

As a non-selective School, we are delighted to report that all students made significant progress during the academic year,

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ST MARY'S SCHOOL (COLCHESTER) LIMITED

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020

Strategic report (continued)

(continued)

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Although this year’s GCSE examinations were cancelled due to COVID the CAG’s (Centre Assessed Grades) were accepted, with 5% of them increased. The results truly reflected all the effort and hard work of both pupils and their teachers.

Students performed extremely well as shown below:

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At the Lower School, all Year 6 pupils gained places at secondary schools of their choice, with many achieving success at the 11+ exam for Grammar Schools, whilst others secured scholarships to the Senior School. in standardised tests, Lower School pupils recorded results significantly higher than National averages.

The Lower School has consistently ranked highly in the Times top 100 Prep schools reflecting both the high standards of education delivered and the enrichment opportunities provided to pupils. .

The enrichment timetable across the school, developed to broaden the educational experience, offers a whole host of opportunities for pupils to develop their talents and learn new skills; classes are offered in areas as diverse as Japanese, gardening, crafts and cookery, through to a whole range of sports and music. I!n the Senior School, Mindfulness and Resilience is being taught as part of the curriculum and as extra-curricular.

During the “lockdown” period of the COVID pandemic, when schools were closed, activities and events were organised to support the student’s wellbeing; younger students were encouraged to get outside and exercise as well as helping around the home. Whilst in the Senior School, the girls took part in competitions, amongst other activities to bake cakes, upcycle articles and display the NHS Rainbow logo. The annual Senior School Activities Week was renamed Challenge Week with each student choosing to undertake a whole host of different activities. Parents were very complimentary of how the school responded to the COVID pandemic. Wherea full timetable of lessons were taught daily on line via Teams from Years 4-11 with live lessons for the Senior School and blended mix in the Junior, whilst In Prep to Year 3, lessons were posted on the Tapestry platform. All students were able to access the curriculum and staff were available to offer continuous support.

At the start of the academic year we opened a new multi-sensory play area for our youngest students, located at the Lower School between the Prep classrooms and Kindergarten, it is a popular and very well used resource.

During Autumn and Spring terms, pupils enjoyed trips and visits, both day and residential to locations local and further afield. Year 6 learned about democracy on a visit to the Palace of Westminster and closer to home, Year 4 to Ipswich Museum. In the Senior School, visits were undertaken to Kelvedon Hatch Secret Nuclear Bunker as part of History GCSE “History around us project” and scientists met astronaut Tim Peak at the New Scientist Llve Exhibltion in London.

The School has continued to develop the link with the Round Square Organisation attending Conferences in India and Morocco and during school closure students took part in “Zoom” video conferences with schools in India, South Africa and the USA.

It is unfortunate that due to COVID many activities had to be cancelled or postponed, however, on the whole, staff managed to offer.creative, online alternatives.

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ST MARY'S SCHOOL (COLCHESTER) LIMITED

ie GOVERNORS’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020

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Strateglc report (continued)

(continued)

b. An overview

Once again the Governors are pleased to record that the academic results achieved at all three levels, Kindergarten, Lower School and Senior School are excellent. “Results in national tests at the age of eleven were well above the national average for maintained primary Schools, Results at GCSE have been good in relation to the national average. Pupil attalnment as shown by the standardised measures of progress, indicate that pupils make good progress across the board.

Our Kindergarten continues to flourlsh and the standard of care and education is acknowledged by parents. Attendance has remained very healthy and pupils continue to progress through into the Lower School. Financially, the School has maintained its focus on strict control of all expenditure, together with a prudent approach to our rolling maintenance programmes. The Governors continue to monitor the situation regarding pupil numbers closely and this remains a key focus as we finance investment for the long-term success of the School.

All these achievements are the direct result of the work of the Principal, Mrs Vipond and her dedicated Senior Leadership Team, teaching and administration staff. We thank them for their successes and continuing efforts.

Financial review

a. Going concern

After making appropriate enquiries, the Governors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

b. Reserves Policy and Financlal Position

The Governors regularly review the level and nature of the reserve funds for the School and as a guideline aim to have free reserves equating to ons term's average expenditure (£1.65m summer term 2020). The School carries no debt and the Governing Body approves the funding of capital expenditure out of reserves, if appropriate.

The review process was stepped up as a result of COVID-19 and during the national lockdown a working group, comprising the Chair of Govemors, Finance Governor, Principal and Bursar, met at least once per week to monitor the situation and make recommendations where necessary.

Following the start of the national lockdown on 23 March 2020, the School reviewed its income and expenditure in order to minimise the impact of COVID-19. It was aware that some of the parent body would be affected financially and therefore adopted a sympathetic approach towards any difficulties which were being experienced. Despite the challenges of this testing period, the School produced a surplus of £227,162 for the year against a budget of £103,627. This was very welcome, particularly as the Govemors had approved spending in order to develop the Senior School Dining Room during the summer holidays. This would complete the first of three phases, with phase 2 to be submitted for approval during autumn term 2020.

As reported below, our balance sheet total funds has increased against the 2019 figure (£4,542,648 compared to £4,315,486). Of these reserves £54,000 (2019 : £54,000) was restricted Comrie Scholarship and Butterworth

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ST MARY'S SCHOOL (COLCHESTER) LIMITED

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020

funds; £3,192,124 (2019 : £3,135,320) could only be reallsed by disposing of fixed assets, which leaves £1,296,524 (2019 : £1,126,166) as free reserves which can be used towards its future projects. The student roll remained fairly consistent with a total of 365 for Autumn term 2020 (366 — Autumn term 2019).

Throughout the year, the Finance department has continued their focus on containing the level of bad debts and the Governors have acknowledged the lavel of control in place.

c. Principal risks and uncertainties

The Governors keep under review a risk management strategy relating to:

« financial risks to the Charity;

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«risks associated wlth the daily health and safety of the staff, pupils and visitors;

« risks associated with any off-site activities undertaken by staff and pupils;

« the burden of meeting conformity and regulatory issues.

The Principal and her Senior Leadership Team continue to keep the School's activities under review, particularly with regard to any major risks that may arise from time to time as well as the systems and procedures established to manage them (note - the risks were brought into sharp focus by the onset of COVID-19).They monitor the effectiveness of the system of internal controls, website arrangements and other viable means, including insurance, by which the risks identified can best be mitigated.

During the year the Governors reviewed the School's policies relating to these risks and other matters and established a rolling programme of such reviews.

Pupil numbers, staff effectiveness, and the soundness of the School's financial situation are kept under constant review,

Structure, governance and management

a. Constitution

St Mary's School was initially founded in 1908 and is now a charitable company limited by guarantee providing independent day School education for girls aged from ‘rising 3' to 16 and boys from 'rising 3'to4.

The Company St Mary's School (Colchester) Limited and the group is constituted under a Memorandum of Association dated 27 August 1970 and is a registered charity number 309266.

The principal object of the Company St Mary's School (Colchester) Limited and the group is to provide educational services and support to girls aged from 'rising 3' to 16 and boys from ‘rising 3' to 4. .

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ST MARY'S SCHOOL (COLCHESTER) LIMITED

a

GOVERNORS’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020

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Structure, governance and management (continued)

b. Methods of appointment or slection of Governors

The Governors of the School who served during the year, were as stated on page 1. They are also the Charity Trustees and the Governors of the Charitable Company. The year saw the resignation of Mrs Laura Gray and the appointment of Mrs Kate Abbott and Mr Adam Hildred.

New Governors are encouraged to gain first-hand knowledge of the working life of the School through supervised visits during the School day and attendance at School events where they meet staff, students and parents. There is a programme of continuous training on offer and new Governors have attended workshops run by AGBIS. The Governors assist the Principal in supporting the Senlor Leadership Team.

c. Organisational structure and decision-making policles

The Board of Governors administers the Charity. It meets four times a year as a full Board and there are subcommittees for Education, Finance, Bursaries, Human Resources, Health & Safety, Premises and Strategy & Development, all of which meet formally with additional meetings as required. Other working groups of Governors and senior staff convene when necessary to evaluate, oversee, and / or monitor specific projects or issues. Due to issues raised by COVID-19 and the subsequent measures adopted by the School, all Governor-related meetings have taken place via video conferencing.

The Principal is responsible for all educational matters and for the day-to-day management of the School. She heads the School’s Senior Leadership Team and reports to the Board at each meeting. The Principal and Chair of Governors meet regularly. The School Development Plan is the working tool used by all parties and Is regularly reviewed by the Govemors. It reflects those works that have taken place and future requirements being considered.

The Bursar is responsible for implementing financial and property decisions and policies, as well as the management of non-teaching staff. In addition, he is responsible for many of the compliance and regulatory matters affecting the School. He reports directly to the Principal and also to the Board as required at each Governor's meeting. He is also Clerk to the Governors and meets regularly with the Chair.

The Governors are mindful of their regulatory responsibilities. The last Regulatory Compliance Inspection dated September 2018, found that ‘the School meets the standards in the schedule to the Education (Independent School Standards) Regulations 2014 and relevant requirements of the statutory framework for the Early Years Foundation Stage and associated requirements and no further action is required as part of this inspection,’

d. Pay policy for key management personnel

Key management remuneration is benchmarked to be competitive within the sector.

e. Related party relationships

Governors None of our Governors receive remuneration or other benefit from their work with the organisation and any expenses incurred by them on behalf of the School is claimed for and paid. All concerned sign a Conflicts of Interest declaration and are required to declare any interests that may arise, both at committee meetings and also through a Declaration of Interests form.

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ST MARY'S SCHOOL (COLCHESTER) LIMITED

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020

Structure, governance and management (continued)

Senior Staff (see also section d. ‘organisational structure and decision making’) The School's Senior Leadership Team is comprised of the Principal, Bursar, Director of Senior School and Director of Lower School. The Governors review their pay annually and ensure that the pay policy is applied using agreed criteria, The Principal’s pay is assessed against national benchmarking within the independent sector; the other team members are then calculated against the Principal’s pay, using an agreed formula. All pay considerations are ultimately subject to affordability.

Educational, Pastoral links and other relatlonships As a School, St Mary’s focusses the importance of educating the whole young person, inspiring glris to explore their talents, have the courage to take on new and exciting challenges and develop as individuals ready to take thelr place in an ever changing world. The School continues to develop this through its membership of the Round Square organisation-a worldwide network of nearly 200 Schools in 50 countries across six continents. Staff and pupils attended the World Conference in Indore, India, during September 2019 and there were other trips including one to Morocco.

Following its re-accreditation as an Eco Ambassador School, St Mary's continues to push ahead with Eco Schools Initiatives, including participation in Eco video conferences with schools in Africa, Dubai, Peru and India. As an Ambassador School, the organisation supports other aspiring schools and is involved in both organising and leading eco-related events.

The School continues its cross-cultural programme with the Willem Van Oranje School (Netherlands) and is developing a link with Paradis School, Romania. :

Relationships with local primary and feeder Schools the School works hard to develop its relationships, with invitations to School events and productions and the use of sports field. The opportunity to strengthen these links has also been realised through our appointment of a Forest Schools Coordinator. Part of thelr brief is to offer support and guidance to other organisations, both at their premises and also at our own site. This has resulted in St James’ Primary School being invited to attend site on a regular basis.

Memberships

The Principal is Vice-Chair of the Girls’ Schools Assoclation (GSA) Membership and Accreditation Committee.

f. Risk management

The Governors have assessed the major risks to which the Group and the company are exposed, in particular those related to the operations and finances of the Group and the company, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.

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ST MARY'S SCHOOL (COLCHESTER) LIMITED

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GOVERNORS’ REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2020
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Plans for future perlods

The key objective of the Governors is to balance the provision of an excellent all-round education to all pupils with malntenance and Improvement to all the School's facilities and assets. However, the Governors recognise that we must plan beyond the immediate future to ensure the long-term provision of excellent education for the pupils entrusted to our care.

Careful monitoring of the financial cllmate and trends and its effect on parental ability to malntain fee payment will be a continuing focus, especially given the ongolng COVID-19 situation To ensure that we deliver value for money and remain affordable, we monitor the fees charged by other education providers in the area, as well as those charged natlonally, whilst ensuring that our excellent standards are maintained.

Our focus is to continue to improve upon our academic results; develop and add extra value to the School offer in order to stimulate growth in pupil numbers and to capitalise upon the ongoing success of the Kindergarten as a feeder into the main School. The plan also recognises the importance of the marketlIng effort in this process.

Investigations into the development of the School's Early Years provision, previously approved by the Governors, ls still ongoing and infrastructure improvements in ICT will enable the School to develop further the use of technology as both an educational and organisational tool.

School Bus service - 2019/20 was a year of consolidation for the St Mary’s bus service, with occupancy levels remaining constant and customer satisfaction high.

Information on fundraising practices

The school has not relied on significant external fundraising activities to supplement existing school fee revenue streams and has not undertaken significant direct fundraising activities. Low levels of voluntary income are received from individuals and organisations with a connection to the school such as parents and former pupils.

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ST MARY'S SCHOOL (COLCHESTER) LIMITED

GOVERNORS’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020

Statement of Governors' responslbilities

The Governors (who are also the directors of the company for the purposes of company law) are responsible for preparing the Governors' report including the Strategic report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Governors to prepare financial statements for each financial year. Under company law, the Governors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and the company and of their Incoming resources and application of resources, including their income and expenditure, for that period. In preparing these financial statements, the Governors are required to:

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

Disclosure of Information to auditors

Each of the persons who are Governors at the time when this Governors' report is approved has confirmed that:

Approved by order of the members of the board of Governors and signed on their behalf by:

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Mr RG Lambert
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Date:

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a nnn LL, INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ST MARY'S SCHOOL (COLCHESTER) LIMITED

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Opinion

We have audited the financial statements of St Mary's School (Colchester) Limited (the 'parent charitable company’) and its subsidlaries (the 'group') for the year ended 31 August 2020 which comprise the Consolidated statement of financial activities, the Consolidated balance sheet, the Company balance sheet, the Consolldated 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:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group 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

We have nothing to report in respect of the following matters in relation to. which the ISAs (UK) require us to report to you where:

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ST MARY'S SCHOOL (COLCHESTER) LIMITED

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF ST MARY'S SCHOOL (COLCHESTER) LIMITED (CONTINUED)

Other informatlon

The Governors are responsible for the other information. The other information comprises the information included in the Annual report, other than the financial statements and our Auditors’ report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other informatlon, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companles Act 2006

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

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 Governors’ report including the Strategic 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: :

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ST MARY'S SCHOOL (COLCHESTER) LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ST MARY'S SCHOOL (COLCHESTER) LIMITED (CONTINUED)

Responsibilities of trustees

As explained more fully In the Govemors’ responsibilities statement, the Governors (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 glve a true and fair view, and for such internal control as the Governors 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 Governors are responsible for assessing the Group's and the parent 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 Governors either intend to liquidate the Group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditors’ responslblilitles 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 Auditors’ 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.

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

Use of our report

This report is made solely to the charitable company's members, as a body, In accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

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ST MARY'S SCHOOL (COLCHESTER) LIMITED

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF ST MARY'S SCHOOL (COLCHESTER) LIMITED (CONTINUED)

Danlel Aldworth (Senlor statutory auditor)

for and on behalf of Griffin Chapman

Chartered Accountants Registered Auditors

4&5 The Cedars

Apex 12 Old Ipswich Road Colchester Essex CO7 7QR Date: 8 Macch 202

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ST MARY'S SCHOOL (COLCHESTER) LIMITED

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CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2020

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||||||||| |---|---|---|---|---|---|---|---| |Unrestricted|Restricted|||*-|Total|Total| |funds|funds|funds|-|funds| |2020|2020|2020|2019| |Note|£|£|£|£| |Income|from:| |Voluritary sources|3|92,259|.|92,259|24,608| |Charitable|activities|4|4,899,317|-|4,899,317|5,120,294| |School|shop|activities|5|64,285|“|64,285|75,593| |Investments|6|3,370|-|3,370|3,691| |Totat Income|5,059,231|-|5,059,231|5,224,186| |Expenditure|on:| |Raising|funds|56,206|-|56,206|62,868| |Charitable|activities|7|4,775,863|-|4,775,863|5,144,332| |Total expenditure|4,832,069|-|||4,832,069|5,207,200| |Net movement|in|funds|227,162|:|227,162|16,986| |Reconclllation|of funds:| |Total|funds|brought forward|4,261,486|54,000|4,315,486|4,298,500| |Net movement|in|funds|227,162|“|227,162|16,986| |Total|funds|carried|forward|4,488,648|54,000|4,542,648|4,315,486| |ee Oe|

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

The notes on pages 20 to 37 form part of these financial statements.

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ST MARY'S SCHOOL (COLCHESTER) LIMITED REGISTERED NUMBER: 0988976

CONSOLIDATED BALANCE SHEET AS AT 31 AUGUST 2020

2020 2019
Note £ £
Fixed assets ;
Tangible assets 12 3,192,124 3,135,320
3,192,124 3,135,320
Current assets
)
Stocks 14 51,374 46,117
Debtors 16 389,016 346,497
Cash at bank and in hand 2,265,446 2,150,940
2,705,836 2,543,554
Creditors: amounts falling due within one
year 16 (1,355,312) (1,350,888)
.
Net current assets 1,350,524 1,192,666
Total assets less current liabilities 4,542,648 4,327,986
Creditors: amounts falling due after more .
than one year 17 . (12,500)
Net assets excluding pension asset 4,542,648 4,315,486
Total netassets 4,542,648 4,315,486
Charity funds
Restricted funds 19 54,000 54,000
Unrestricted funds 19 4,488,648 4,261,486
Totalfunds 4,542,648 4,375,486

The Governors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements were approved and authorised for issue by the Governors and signed on their behalf by: ;

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ST MARY'S SCHOOL (COLCHESTER) LIMITED REGISTERED NUMBER: 0988976

. CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 31 AUGUST 2020

Date: J Marek 202

The notes on pages 20 to 37 form part of these financial statements.

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ST MARY'S SCHOOL (COLCHESTER) LIMITED REGISTERED NUMBER: 0988976

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|||||||| |---|---|---|---|---|---|---| |COMPANY|BALANCE|SHEET| |AS AT|31|AUGUST 2020| |.|2019| |2020| |Note|£|£| |Flxed|assets| |Tangible assets|42|3,192,124|.|>|3,135,320| |Investments|13|1|1| |3,192,125|||3,135,321| |Current|assets| |Stocks|14|9,640|8,773| |Debtors|15|417,937|369,575| |Cash|at bank and|in hand|2,264,591|2,142,360|.| |2,692,168|2,520,708| |Creditors:|amounts|falling|due|withln|one| |16|(1,347,498)|(1,337,378)| |year| |Net current assets|1,344,670|4,183,330| |Total assets less current liabiiltles|4,536,795|4,318,657| |Creditors:than one yearamounts|falling|due|after more|17|.|(12,500)| |'|4,306,151| |Net assets excluding pension|asset|4,536,795| |Total net assets|4,536,795|4,306,151| |Charity|funds| |Restricted|funds|19|54,000|54,000| |Restricted funds|19|54,000|54,000| |Unrestricted funds|19|4,482,795|4,252,151| |Total funds|4,536,795|4,306,151|

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The Governors acknowledge their responsibilities for complying with the requirements of the Act with respect to . accounting records and preparation of financial statements. The financial statements were approved and authorised for issue by the Governors and signed on their behalf by:

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ST MARY'S SCHOOL (COLCHESTER) LIMITED REGISTERED NUMBER: 0988976

, COMPANY BALANCE SHEET (CONTINUED) AS AT 31 AUGUST 2020

pate: | March 22)

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The notes on pages 20 to 37 form part of these financial statements.

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ST MARY'S SCHOOL (COLCHESTER) LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2020

2020 2019
£ £
Cash flows from operating activities
Net cash used in operating activities 364,912 269,604
Cash flows from Investing activities ,
Dividends, interests and rentsfrom investments 3,370 3,697
Proceeds from the sale of intangible assets 2,500 2,000
Purchase oftangible fixed assets (256,276) (263,204)
Netcash used In Investing activities (250,406) (257,513)
=
Cash flows from financing actlvitles
Net cash provided by financing activitles . -
.
Change in cash and cash equlvalents In the year 114,506 12,091
Cash and cash equivalents at the beginning ofthe year 2,150,940 2,138,849
Cash and cash equlvalents atthe end of the year 2,265,446 2,150,940
.

The notes on pages 20 to 37 form part of these financial statements

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ST MARY'S SCHOOL (COLCHESTER) LIMITED

SSS hf NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

1. General Information

The company is a company limited by guarantee. The members of the company are the governors named on page 1. In the event of the company being wound up, the llabllity in respect of the guarantee is limited to £1.00 per member of the company.

  1. . Accounting policies

  2. 2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable In the UK . and Republic of Ireland (FRS 102) (effective 1 January 2015), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

St Mary's School (Colchester) Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The Consolidated statement of financial activities (SOFA) and Consolidated balance sheet consolidate the financial statements of the Group and its subsidiary undertaking. The results of the subsidiary are consolidated ona line by line basis. The Group has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of financial activities in these financial statements. The income and expenditure account for the year, dealt with in the accounts of the charitable company was £230,644 (2019 : £12,830).

2.2 Going concern

The governors assess whether the use of going concem is appropriate, ie whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the Charitable Company group to continue as a going concen. The governors make this assesment . in respect of a period of at least one year from the date of authorisation for issue of the financial statements and have concluded that the Charitable Company group has adequate respurces to continue in operational existence for the forseeable future and that there are no material uncertainties about the Charitable Company group's ability to continue as a going concern, thus they continue to adopt the going concern basis of accounting In preparing the financial statements.

Page 20

ST MARY'S SCHOOL (COLCHESTER) LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

2. Accounting pollcles (continued)

2.3 Income

All income is recognised once the company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Grants are included in the Consolidated statement of flnanclal actlvitles on a recelvable basis. The balance of income recelved for specific purposes but not expended during the period Is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, Its recognitlon is. deferred and included in creditors as deferred income. Where entitlement occurs before income js received, the income is accrued.

Where the donated good is a fixed asset, it is measured at fair value, unless it is impractical to measure this reliably, in which case the cost of the item to the donor should be used. The gain is recognised as income from donations and a corresponding amount is included in the appropriate fixed asset class and depreciated over the useful economic life in accordance with the company's accounting policies.

On receipt, donated professional services and facilities are recognised on the basis of the value of the glft to the company which is the amount it would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

2.4 Expenditure

Expenditure is recognised once there is a lagal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use,

Expenditure on raising funds includes all expenditure incurred by the Group to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs. :

All expenditure is inclusive of irrecoverable VAT.

2.5 Government grants

Government grants relating to tangible fixed assets are treated as deferred Income and released to the Consolidated statement of financial activities over the expected useful lives of the assets concemed. Other grants are credited to the Consolldated statement of financial activities as the related expenditure is incurred.

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ST MARY'S SCHOOL (COLCHESTER) LIMITED

nn, TAL, LD) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

nee

2. Accounting policies (continued)

° 2.6 Interest recelvable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Group; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

2.7 Tanglble fixed assets and depreciation

Tanglble fixed assets costing ENIL or more are capitallsed and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreclation 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, using the straight-line method.

,

Depreciation is provided on the following bases: , Freehold property ~ 2% on cost Motor vehicles ~ 20% on cost Fixtures and fittings - 10% on cost School equipment - 25% to 33.3% on cost

The assets’ residual values, useful lives and depreciation methods are reviewed, and adjusted date. prospectively if appropriate, or if there Is an indication of a significant change since the last reporting

2.8 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/({Losses) on investments’ in the Consolidated statement of financial activities.

Investments in subsidiaries are valued at cost less provision for impairment.

2.9 Stocks

) Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

2.10 Debtors

; Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

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ST MARY'S SCHOOL (COLCHESTER) LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

2. Accounting pollcles (continued)

2.11 Cash at bank and Jn hand

Cash at bank and in hand includes cash and short-term highly liquid Investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.12 Liabllitles and provisions

Liabilities are recognised when there Is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Consolidated statement of financial activities as a finance cost.

2.13 Financlal Instruments

The Charitable Company Group only has financial assets and financial llabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initlally recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.14 Operating leases

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

2.15 Pensions

The Charitable Company Group operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Group to the fund in respect of the year.

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ST MARY'S SCHOOL (COLCHESTER) LIMITED

a

a TTT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

ST

2. Accounting pollicles (continued)

2.16 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Governors in : furtherance of the general objectives of the Group and which have not been designated for other purposes,

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

3. Income from donations, legacies and government grants

Unrestricted
funds		 Total
funds		 Total
funds
2020 2020 2019
£ £ £
Donations 26,124 26,124 24,608
_ Governmentgrants 66,135 66,135 -
eee
92,259 92,259 24,608
Total2019 24,608 24,608
4, Income from charitable activities
Unrestricted Total Total
funds funds funds
2020 2020 2019
£ £ £
Income from charitable activities - Upper School 3,507,626 3,507,626 3,708,257
income from charitable activities - Lower School 1,206,299 1,206,299 1,218,146
_ Income from charitable activities - Kindergarten 185,392 185,392 193,891
Total 2020 4,899,317 4,899,317 5,120,294
Total2019 5,120,294 5,120,294

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ST MARY'S SCHOOL (COLCHESTER) LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

5. Income from other trading activities

Income from non charitable trading activities

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||||||||| |---|---|---|---|---|---|---|---| |Unrestricted|Total|-|Total| |funds|funds|funds| |2020|2020|2019| |£|£|£| |Shop|income|64,285|64,285|75,593| |Total 2019|75,593|75,593| |6.|Investment|Incoms| |Unrestricted|Total|Total| |funds|funds|funds| |2020|2020|2019| |£|£|£| |Investment|income|-|bank|interest|3,370|3,370|3,694| |Total 2019|3,691|3,691| |7.|Analysis|of expenditure|on|charitable|activities|

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|||||| |---|---|---|---|---| |Unrestricted|Total|Total| |funds|funds|funds| |2020|2020|2019| |£|£|£| |Upper School|3,281,829|3,281,829|3,483,852| |Lower|School|1,277,416|1,277,416|1,428,264| |Kindergarten|216,618|216,618|||232,216| |:|4,775,863|4,775,863|5,144,332| |Total 2019|5,144,332|5,144,332|

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ST MARY'S SCHOOL (COLCHESTER) LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

8. Analysis of expenditure by activities

Activitles
undertaken
directly		 Support
costs		 Total
funds		 Total
funds
2020 2020 2020 2019
£ £ £ £
Upper School 2,261,194 1,020,635 3,281,829 3,483,852
Lower School! 917,204 360,212 1,277,416 1,428,264
Kindergarten 160,047 56,571 216,618 232,216
3,338,445 1,437,418 4,775,863 5,144,332
Total2019 3,443,687 1,700,645 5,144,332
  1. — Auditors’ remuneration
2020 2019
£ £
Fees payable to the company’s auditor for the audit ofthe company's
annual accounts 11,310 11,340
Fees payable to the company's auditor in respect of:
Allnon-auditservicesnotincludedabove 2,148 2,328
10. Staffcosts
Group
2020		 Group
2019		 Company
2020		 Company
2019
£ £ £ £
Wagesand salaries 2,644,754 2,616,920 2,636,712 2,608,795
Social security costs 251,116 245,913 250,979 245,763
Contribution to defined contribution pension
schemes 446,515 311,248 446,441 311,188
3,342,385 3,174,081 3,334,132 3,165,746

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ST MARY'S SCHOOL (COLCHESTER) LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

10. Staff costs (continued)

The average number of persons employed by the company during the year was as follows: ~

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||||||| |---|---|---|---|---|---| |Group|Group| |2020|2019| |No.|No.| |Teaching|staff|42|42| |Domestic|&|non-teaching|staff|i|11| |Adminitrative|staff|13|13| |Nursery|7|7| |73|73|

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

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||||||||| |---|---|---|---|---|---|---|---| |Group|Group| |2020|2019| |No...|No.| |In|the|band|£60,001|-|£70,000|2|2| |In the band £90,001|- £100,000|F|,|

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11. Governors’ remuneration and expenses

During the year, no Governors received any remuneration or other benefits (2079 - ENIL).

During the year ended 31 August 2020, expenses totalling £396 were reimbursed or paid directly to 3 Governors (2019 - £57 to 1 Governor).

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ST MARY'S SCHOOL (COLCHESTER) LIMITED

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

12. Tangiblo fixed assets

Group

,
Assets
Freehold Motor Fixtures and under
property vehicles fittings construction Total
£ £ £ £ £
Cost orvaluation
_ At1September 2019 3,805,342 15,382 1,411,572 119,191 5,351,487
Additions - - 60,857 195,419 256,276
Disposals - - (14,403) " (14,403)
Transfers between classes 104,318 - 63,424 (164,742) -
At 31 August 2020 3,906,660 15,382 1,521,450 149,868 5,593,360
Depreciation :
At 1 September 2019 1,232,523 12,306 971,338 - 2,216,167
Chargefortheyear
On disposals		 73,214
-		 3,076
-		 122,925
(14,146)		 .
-		 199,215
(14,146)
At 31 August 2020 1,305,737 15,382 1,080,117 - 2,401,236
Net book value
. At 34 August 2020 2,800,923 - 441,333 149,868 3,492,124
————————————— ——_———— ————— === =
At 37 August2019 2,572,819 3,076 440,234 119,197 3,136,320
Company
Freehold Motor Fixtures and Other fixed
property vehicles fittings assets Total
£ £ £ £ £
Cost orvaluation
At 1 September 2019 3,805,342 15,382 1,411,572 119,191 5,351,487
’ Additions - - 60,857 195,419 256,276
Disposals . - (14,403) - (14,403)
Transfers between classes 101,318 - 63,424 (164,742) -
At31August2020 3,906,660 15,382 1,521,450 149,868 5,593,360

Page 28

ST MARY'S SCHOOL (COLCHESTER) LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

12. Tangible fixed assets (continued)

Company (continued)

Freehold Motor Fixtures and Otherfixed .
property vehicles fittings assets Total
£ £ £ £ £
Depreciation
At 1 September 2019 1,232,523 12,306 971,338 - 2,216,167
Charge forthe year 73,214 3,076 122,925 “ 198,215
On disposals - - (14,146) - (14,146)
At 31 August 2020 1,305,737 15,382 1,080,117 “ 2,401,236
Net book value
At 31 August 2020 2,600,923 - 441,333 149,868 3,192,124
At 31 August 2019 2,572,819 3,076 440,234 119,197 3,135,320
Fixed asset Investments
Investments
in
subsidlary
companles
company £
Cost or valuation
At 1 September 2019 1
At31 August2020 1
Net book value
At 31 August2020 1
At 37August2019 1
  1. Fixed asset Investments

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ST MARY'S SCHOOL (COLCHESTER) LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

14. _ Stocks

Group Group Company Company
2020 20179 2020 2019
£ £ £ £
Finished goods and goods for resale 51,374 46,117 9,640 8,773
15. Debtors
Group Group Company Company
2020 2019 2020 2019
. £ £ £ £
Due within one year
Trade debtors 165,568 160,640 165,604 162,900
Amounts owed by group undertakings - - 30,368 26,806
Other debtors 10,976 32,032 9,553 26,125
_ Prepayments and accrued income 212,472 153,825 212,412 153,744
389,016 346,497 417,937 369,575
16. Creditors: Amounts falling due within one year
Group Group Company Company
2020 2019 2020 2019
£ £ £ £
Trade creditors 124,456 288,346 122,559 277,664
Other taxation and social security 61,128 63,123 61,128 63,123
: Other creditors, accruals and deferred income 1,169,728 999,479 1,163,811 996,597
1,355,312 1,350, 888 1,347,498 1,337,378
Group Group Company Company
. 2020 2019 2020 2019
£ £ £ £
Deferred income and fees In advance
Deferred income at 1 September 2019 349,783 480,941 349,783 480,941
Resources deferred during the year 359,819 432,323 359,819 432,323
Resources released during the year (385,889) (563,487) (385,889) (563,487)
Deferredincomeat31August2020 323,713 349,783 323,713 349,783

Page 30

ST MARY'S SCHOOL (COLCHESTER) LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

17. Creditors: Amounts falling due after more than one year

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||||||||| |---|---|---|---|---|---|---|---| |Group|Group|Company|Company| |2020|2019|2020|2019| |£|£|£|£| |Accruals|and|deferred|Income|-|12,500|-|12,500| |18.|Financial|instruments| |Group|Group|Company|Company| |2020|2019|2020|2019| |£|£|£|£| |Financlal|assets| |Financial|assets|measured|at|fair value| |through|income and|expenditure|2,265,446|2,150,940|2,264,591|2,142,360|

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  1. Statement of funds

Statement of funds - current year

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|||||||||| |---|---|---|---|---|---|---|---|---| |Balance|at|1|Balance|at| |September|Transfers|31|August| |2019|Income|Expenditure|infout|2020| |£|£|£|£|£| |Unrestricted|funds| |General|Funds-|all|funds|1,126,166|5,059,231|(4,635,097)|(253,776)|1,296,524| |Restricted|fixed|asset|fund|3,135,320|-|(196,972)|253,776|3,192,124| |4,261,486|5,059,231|(4,832,069)|“|4,488,648| |Restricted|funds| |Restricted|Funds-|all|funds|1,000|-|-|-|4,000| |Comrie|scholarship|53,000|-|-|"|.|53,000| |54,000|-|-|-|54,000| |Total|of funds|4,315,486|5,059,231|(4,832,069)|-|4,542,648|

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ST MARY'S SCHOOL (COLCHESTER) LIMITED

ae a ee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

a

19. Statement of funds (continued)

Statement of funds - prior year

Balance at Balance at
1 September
2078		 Income. Expenditure Transfers
in/out		 31 August
2019
£ £ £ £ £
Unrestricted funds
_ General Funds - all funds 1,169,186 5,224,186 (5,006,002) (261,204) 1,126,166
Restricted fixed asset fund 3,075,314 - (201,198) 261,204 3,135,320
4,244,500 5,224,186 (5,207,200) - 4,261,486
Restricted funds
Comrie scholarship 53,000 - - - 53,000
Butterworth fund 7,000 - - “ 1,000
54,000 - - - 54,000
Total offunds 4,298,500 5,224,186 (5,207,200) - 4,315,486
20. - Summary offunds
Summary offunds -currentyear
Balanceat1
September		 Transfers Balanceat
31 August
2019
£		 Income
£		 Expenditure
£		 in/out
£		 2020
£
General funds 4,261,486 5,059,231 (4,832,069) - 4,488,648
Restricted funds 54,000 - . - 54,000
4,315,486 5,059,231 (4,832,069) - 4,542,648

Page 32

ST MARY'S SCHOOL (COLCHESTER) LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

20. Summary of funds (continued)

Summary of funds ~ prior year

Balance at Balance at
1 September Transfers 31 August
2018 Income Expenditure infout - 2019
£ £ £ £ £
General funds 4,244,500 5,224,186 (5,207,200) - 4,261,486
Restricted funds 54,000 - - - 54,000
4,298,500 5,224,186 (5,207,200) - 4,315,486

21. Analysis of net assets between funds

Analysis of net assets between funds - current perlod

Unrestricted Restricted Total
funds funds funds
2020 2020 2020
£ £ £
Tangible fixed assets 3,192,124 - 3,192,124
Current assets 2,651836 54,000 ~~ 2,705,836
Creditors due within one year (1,355,312) - (1,355,312)
Total 4,488,648 54,000 4,542,648
Analysis ofnetassets between funds- prior period
Unrestricted Restricted Total
funds funds funds
2019 2019 2019
£ £ £
Tangible fixed assets 3,135,320 - 3,135,320
Current assets 2,489,554 54,000 2,543,554
Creditors due within one year (1,350,888) - (1,350,888)
Creditorsdue in more than one year (12,500) - (12,500)
Total 4,261,486 54,000 4,315,486

Page 33

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ST MARY'S SCHOOL (COLCHESTER) LIMITED

nee EOE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

22. Reconciliation of net movement in funds to net cash flow from operating actlvitles

Group Group
2020 2019
£ £
Net income forthe period (as per Statement of Financial Activities) 227,162 16,986
Adjustments for:
Depreciation charges 199,215 202,315
Dividends, interests and rents from investments (3,370) (3,697)
Profit on the sale of fixed assets (2,243) (1,117)
_ Increase in stocks (5,257) (6,134)
Decrease/(increase) in debtors (42,519) 3,176
Increase in creditors (8,076) 58,069
Net cash provided by operating activities 364,912 269,604
23. Analysis ofcash and cash equivalents
Group
2020		 Group
2019
Cash
inhand		 £
2,265,446
CO emetneaeenen		 £
2,150,940
————
Total cashand cash equivalents 2,265,446 2,150,940
24. Analysis ofchanges In netdebt
At 1
September
2019		 Cash flows At 31
August 2020
£ £ £
Cash at bank and in hand 2,150,940 114,506 2,265,446
2,150,940 114,506 2,265,446

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ST MARY'S SCHOOL (COLCHESTER) LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

25. Capital commitments

Group Group Company Company
2020 2019 2020 2019
£ gE £ £
Contracted for but not provided In these
financlal statements
Assetsunderconstruction 122,191 - 122,191 -

26. Pension commitments

The school runs a defined contributions scheme for non-teaching staff. The superannuation charge representing the contributions payable to the defined contribution scheme for the year to 31st August 2020 were £23,472 (2019 : £20,281).

In addition the school also operates the teachers pension scheme which is available to all teachings staff.

Teachers Pension commitments

The Teachers' Pension Scheme (TPS) is a statutory, contributory, defined benefit scheme, governed by the Teachers' Pension Scheme Regulations 2014. Membership is automatic for full-time teachers in schools and, from 1 January 2007 is automatic for teachers in part-time employment following appointment or a change of contract, although they are able to opt out.

The TPS is an unfunded scheme and members contribute on a ‘pay as you go’ basis - these contributions along with those made by employers are credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.

Valuation of the Teachers’ Pension Scheme

The Government Actuary, using normal actuarial principles, conducts a formal actuarial review of the TPS in accordance with the Public Service Pensions (Valuations and Employer Cost Cap} Directions 2014 published by HM Treasury. The aim of the review is to specify the level of future contributions. Actuarial scheme valuations are dependent on assumptions about the value of future costs, design of benefits and many other factors. The latest actuarial valuation of the TPS was carried out as at 31 March 2016. The valuation report was published by the Department for Education on 5 March 2019. The key elements of the valuation and subsequent consultation are:

Employer contribution rates set at 23.68% of pensionable pay (including a 0.08% employer administration charge).

Total scheme liabilities (pensions currently in payment and the estimated cost of future benefits) for service to the effective date of £218,100 million, and notional assets (estimated future contributions together with the notional investments held at the valuation date) of £196,100 million giving a notional past service deficit of £22,000 million.

The SCAPE rate, set by HMT Is used to determine the notional investment return. The current SCAPE rate is 2.4% above the rate of CP!, assumed real rate of return is 2.4% in excess of prices and 2% in excess of earnings. The rate of real earnings growth is assumed to be 2.2%. The assumed nominal rate of return including earnings growth is 4.45%.

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The next valuation result is due to be implemented from 1 April 2023.

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ST MARY'S SCHOOL (COLCHESTER) LIMITED

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LL ee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

26. Penslon commitments (continued)

The employer's pension costs payable to TPS in the year amounted to £423,042 (2019 - £290,967).

A copy of the valuation report and supporting documentation Is on the Teachers’ Pensions website.

Under the definitions set out in FRS 102, the TPS is an unfunded multi-employer pension scheme. The Charitable Company has accounted for its contributions to the scheme as if it were a defined contribution scheme. The Charitable Company has set out above the information avallable on the scheme.

27. Operating lease commitments

At 31 August 2020 the Group and the company had commitments to make future minimum lease payments under non-cancellable operating leases as follows:

Group Group Company Company
2020 2019 2020 2019
£ £ £ £
Amounts payable:
Not laterthan 1 year 35,693 25,342 35,693 25,342
Laterthan 1 yearand not later than 5 years 29,460 23,413 29,460 23,413
' Total 65,153 48,755 65,153 48,755
—

28. Related party transactions

' During the year the company entered into transactions totalling £608 (£5,039) with Colchester Amphora Limited of which the husband of the headteacher is a director. These transactions were at commercial rates, at 31st August 2020 £nil (2019 : £nil) was outstanding.

During the year the company entered Into transactions totalling £12,684 (2019 : £11,088) with Birkett Long solicitors of which the governor M Loxley is a partner. These transactions were at commercial rates, _at 31st August 2020 £nil (2019 : Enil) was outstanding.

During the year the son of the headteacher was paid £250 for services provided (2019 : fnil) at commercial rates, at 31st August 2020 £nil (2019 : £nil) was outstanding.

29. Principal subsidiaries

The following was a subsidiary undertaking of the company:

Name Company Registered office or principal Principal activity number place of business SMS (Colchester) Limited 07579755 91 Lexden Road, Colchester, School shop Essex. CO3 3RB

:

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

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29. Principal subsidiarles (continued)

Class of | Holding Included in shares consolidation Ordinary 100% Yes

The financial results of the subsidiary for the year were:

Name Income Expenditure Profit/(Loss) Netassets
£ £ / Surplus/ £
(Deficit) for
theyear
£
SMS(Coichester)Limited 64,285 58,432 5,853 5,854

ee

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