Reglstered number.. 0988976 Charity number: 309266 ST MARY'S SCHOOL (COLCHESTER) LIMITED (A company limiled by guarantee) GOVERNORS, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 IIJJ
ST MARY'S SCHOOL ICOLCHESTER} LIMITED IA company limlted by guarantee} CONTENTS Page Reference and administrative detalls of the company, Its Governors and advisgrs Governors. report Independent auditors. report on the financial statement$ Consolidated statement ot financial activities 9-12 13 Consolldated balance gheet 14 Company balance sheet Consolidated statement of cash flows 15 16 Notes lo the financial sla*emenl$ 17-35
ST MARY'S SCHOOL ICOLCHESTERI LIMITED (A company limiled by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY. ITS GOVERNORS AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2023 Governors Mrs K Abbott Mr A Bell lappoinled 6 July 20231 Mrs E Eddy lappointed 8 Decemb&r 20221 Mr S Flower lappoinled 7 December 20231 Mrs D Hamillon12PPOlnted 6 July 20231 Mr A Hildred, Chair until 2311212022 Iresigned 23 December 20221 Mr M Jackson Mr R G Lambert, Chair ol Finance Commillee ICD-Ghair from 23112120221 Mrs M Loxley, Co-chair from 2311212022 to 1810912023 Iresign8d 18 September 20231 Mr W Magill, Co-chair from 2711212023 Mrs H Swain Iresigned 11 January 20231 Mrs J Triggs Iresigned 11 January 20231 Mr C Woods lappoinled 7 December 20231 Key Management Mrs N Grillilhs Principal MA, PGCE, NPQH Mrs E L Bevan Head ol Finance & Operations Bse Busin&ss Admin, ACA Cornpany registered number 0988976 Charlty reglstered number 309268 Registered office 91 Lexden Road Col¢hester Essex C03 3R8 Company secretary & Finance Manager Miss A Walker MAAT Iresigned 06101120231 Mrs L Shirel lappoinled 13103120231 Independent auditors Grillin Chapman Chartered Accounlanls 4 8 5 The Cedars Apex 12 Old Ipswich Road Colchester Essex C07 7QR Page 1
ST MARY'S SCHOOL ICOLCHESTERI LIMITED IA company limited by guarantee) GOVERNORS, REPORT FOR THE YEAR ENDING 31 AUGUST 2023 The Governors are pleased to presenl their annual report together with the consolidated financial slalemenls ol the charity and ils subsidiary lor the year ending 31 August 2023. The annual report serves the purposes ol both a Governors, report and a Directors, reporl under company law. The financial statements Comply with the Charities Act 2011,. the Companies Act 2006.. the Memorandum and Articles ol Association., and the Statement ol Recommended Practice- Accounting and Reporting by Charities IFRS 1021. Objectlves and Activities a. Pollcles and oblectives The primary objective ol the charity as set out in the company's Memorandum and Articles ol Association is the education ol girls from th& age ol two years to sixteen years. This includes the provision and enhancement ol education in three areas of the organisation - Kindergarten lor pupils (including boys) aged 'ri5ing 3, 10 4, Low&r School lor PLJpils aged 4-11 and Senior School lor those aged 11-16. In the furtherance ol this Object. the Governors, as the charity Iruslees, have complied with the duly in s.4 01 the Charities Act 2011 to have due regard lo the Charity Commission's published general and relevant sub-sector guidance concerning the op8ralion ol the Public Benefit requirement under that A¢1. The School does not have an endowment fund available lo financ& our Public Benefit responsibilities. R8lher. we sel aside an agreed amount ol our expenditure budget lo provide various forms ol assistance lo parents with the cost ol lees, including bursaries. We publicise these on our website and elsewhere. Actual expendFture is dependent on information provided by parents lo the School. The Governors review the forms ol support available to ensure they remain relevant lo parents and potential parents. During the year, 11 families have benelilled from this SLJPPOrt. We co-operate with. and lundraise for, many and varied charities in ouf ongoing endeavours to widen public access lo the schooling we can provide. The School has a programme lo oplimise the educational use ol our bLJildings and Sporting facilities and lo awaken in our pupils an awareness ol the wider social context ol the education they receive al the School. We should particularly like lo thank the members ol staff who are involved in work in the community beyond School, as a natural part of their own aclivilies. Strategic report a. Revlew ol actlvities This academic year (February 20231, the school underwent a routine Focused Compliance and Education Quality Inspection by the Independenl Schools Inspectorate. These inspections are typically undertaken every 3 years, however, as a resLJII ol COVID delaying the inspection limelable, il had been over 4 years since the last inspection was ¢arried out. The Governors are extremely pleased to report that the School was rated 'Ex¢ellent' across ils Kindergarten, Lower School and Senior School, the highest award given. The school was awarded 'Excellenl' lor both areas covered by the EdLJCational Quality part ol the inspection, the quality ol the pupils, academic and other achievemenls and the quality ol the pupils, personal development. The Focused Compliance part ol the Inspection found that the school mel all eight ol Ihg required standards. The key findings ol the inspection report emphasised the high levels ol attainment across the curriculum lor Early Years Foundation Stage IEYFSI, in National Curriculum tests lor Year 6 and at GCSE level, as well as the excellent communication skills demonstrated by the girls al both the Lower School and Senior School. The inspectors also commented on the strong relationships that are forged between the teaching stall and pupils, which nurtures a positive mind-set to learning amongst the girls. The numerous leadership options were also recognised, along with the girls, strong decision-making and collaboration sKills. The Governors are delighted with the result and il is leslamenl lo the hard work ol the Senior Leadtrrship team. leaching starf, non-teaching stall and pupils al the School. Page 2
ST MARY'S SCHOOL ICOLCHESTERI LIMITED IA company limited by guarantee) GOVERNORS, REPORT FOR THE YEAR ENDING 31 AUGUST 2023 As a non-selective school, we are delighted lo report that all students made significant progress during the academic year. Students performed extremely well in their GCSE exarninalions, as shown below, which reflects all the hard work and ellort ol both the pupils and their teachers.. 95°/o ol St Mary's candidales achieved a minimum 015 passes at grade 4 or above, 94°/o ol Sl Mary's candidates achieved a minimum 015 passes al grade 4 or above, including Maths and English 37°/0 ol St Mary's candidates achieved 7 or more passes al grades 9-7 Al the Lower School, all Year 6 pupils gained places at secondary schools ol their choice, wilh many achieving success at the 11 + exam lor Gramrnar Schools, whilst others secured scholarships lo the Senior School. In standardised lest, Lower School pupils recorded results signilicanlly higher than National averages. The enrichment timetable across the school, developed lo broaden the educational 8xperience, ollers a whole host ol opportunities lor pupils lo develop their talents and learn new skills,. Classes are ollered in areas as diverse as gardèning, Lego and STEM. through lo a whole range ol sports and music. In the Senior School a new enrichment programrne based on the Round Square Ideals ollers every sludenl the opportunity lo work in their house groups lo take part in a range ol activities including sport, Engine&ring, code breaking, up-cycling 2nd gardening. The annual Senior School Activities Week this year saw year group trips lo Cornwall, PembrokeshirÈ, Croatia and London. The Senior School Biannual Fashion Show look place in the Spring Term and was a resoLJnding success and celebration ol pupil's achievements in this area. The Senior School also hosted an "Arts Fest in the Summer term which was a highly successful Celebration DI pupil efforts and achievement across all areas ol the Arts Faculty. The annual Celebration ol Achievement look place al the end of the SLJmmer term, an opportunity lo reward all the girls lor their achievements at the end ol what had been another particularly su¢cesslul year. During Autumn and Spring terms, pupils enjoyed various trips and visits, Year 4 enjoyed their first residential visit to Bawdsey Manor and Year 5 and Year 6 enjoyed their residential visit lo the Isle ol Wight. As a School, Sl Mary's IocLJsses the irnportance ol educating the whole young person. inspiring girls to explore their talents, have the courage lo lake on new and exciting challenges and develop as individuals ready lo take their place in an ever-changing world. The School continues lo develop thi5 through ils membership ol the Round Square organisalion a worldwide network ol nearly 200 Schools in 50 countrie5 across six conlinenls. The school engagement with Flound Square organisation is explained in greater detail in the Educational and Pastoral links section on page 7. Flnanclal Revlew The School continues to operate against a backdrtsp ol linancial, economic and political challenges thai are allecling the entire independent school sector. As such, the Governors were pleased lo see a further increase in the number ol pupils on roll during the year with PLJpII nufflbers the highest they have been lor a number ol years. However, despite this, linaneial performance continues lo be challenging as operational costs continue lo rise rapidly and additional costs were incurred due lo further organisalional changes that were required lo improve the ellecliveness and ellicien¢y ol the School. This resulted in a delicil 01 £113,848 lor the year against a budgeted delicil 01 £27,859. This was very rnuch expected as the year progressed, and these operational changes were discussed and agreed lo. As reported below. deBPite limited additions during the year, our balance sheet performed well against the 2022 ligure1£4.3m compared lo £4.4ml. Page 3
ST MARY'S SCHOOL ICOLCHESTERI LIMITED IA company limited by guarantee) GOVERNORS, REPORT FOR THE YEAR ENDING 31 AUGUST 2023 Throughout the year, the Finance department has continued their locus on containing the level ol bad debts and the Governors have acknowledged the level ol control in place. a. Going concern Aller making appropriate enquiries, the Governors have a reasonable expectation that the company has adequate resources lo continue in operational existence lor the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial slalemenls. Further details regarding the adoption ol the going concern basis can be found in the Accounting Policies notes al note 2.2. b. Principal rlsks and uncertalntles The Governors keep under review a risk management strategy relating to.. financial risks to the Charity., risks associated with the daily health and safety ol the stall, pupils and visitors- risks associated with any oll-site activities undertaken by staff and pupils., the financial risks resulting from low pupil numbers., the two separate siles Ilocaled 3 miles apart) from which the School operates., the necessary level ol income and reserves required to support and maintain the viability ol the School- the burden ol meeting Ctsnlormily and regulatory issues. The Principal and her Senior Leadership Tearn continue to keep the School's activities under review, particularly with regard to any major risks that may arise from lime lo lime as well as the sys18ms and procedures established lo manage them. They monitor the elle¢tiveness ol the system ol internal controls, website arrangements and other viable means, including insurance, by which the risks identified can best be miligaled. During the year. the Governors reviewed the School's policies relating lo these risks and other mallers and established a rolling programme ol such reviews. Pupil numbers, staff ellectiveness. and the soundness of the School's financial situation are kept Ljnder constant review. ¢. Teachers, Pension Scheme The School participates the Teachers, Pension Scheme I the TPS'I for its leaching staff. The lolal employer pension charge lor the year1202212023 £514,203) includes employer contributions payable lo the TPS ol £486,516 as explained within note 26 01 the accounts. The TPS is an unlund&d multi-employer defined benefits pension scheme governed by The Teachers, Pensions Regulations 2010 las amended) and The Teachers, Pension Scheme Regulations 2014 las amended). Members contribute on a'pay as you go" basis with contributions from members and the employer being credited lo the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament. The employer contribution rale is set by the secretary ol State following scheme valuations undertaken by the Government Actuary s Department. The most recent actuarial valuation ol the TPS was prepared as at 31 March 2020 and the Valuation Report, which was published in October 2023. Following the M¢Cloud judgement, the remedy proposed that when benefits becorlle payable, eligible members can select to receive them from either the reformed or legacy schemes lor the period 1 April 2015 10 31 March 2022. The actuaries have assumed that members are likely lo choose the oplion that provides them with the greater benefits, and in preparing the 2020 valuation have valued the 'greater value. benefits for groups ol relevant members. The valuation confirmed that the employer contribution rale for the TPS would increase from 23.6°/* to 28.6°/o from 1 April 2024. Employers are also required lo pay a scheme administration levy ol 0.08°/o giving a lolal employer contribution rale o128.68°/.. Page 4
ST MARY'S SCHOOL ICOLCHESTERI LIMITED IA ¢ompany limited by Buaranteel GOVERNORS, REPORT FOR THE YEAR ENDING 31 AUGUST 2023 d. Resee$ Policy and Financlal Posltion The Governors regularly review the level and nature of the reserve funds available lor the School. Whilst previously, the Governors aim was to have free reserves equating lo one term's expenditure where practicable, the Governors acknowledge that recent sharp rises in operational costs have resulted in current free reserves falling below that ligure1£1.9m summer term 20231. The SchoDI carries no debt and the Governing Body approves the funding ol capital expenditure out ol reserves. if appropriate. Al the year-end, the School's free reserves arnounted to £577,683. The Governors will continue lo balance further improvements to free reserves with the need lo invest for the lulure and will continu& lo allow the free reserves to fall below the benchmark they have sel where required improvements are identified and justified. Throughout the year the governing body monitors the silualion, using cash flow as a SLJrrDgate measure. Structure Govgrnan¢e and Management Constltutlon Sl Mary's School was initially founded in 1908 and is now a charitable company providing independent day School education lor girls aged from 'rising 3, and boys from 'rising 3, to 4. The Company Si Mary's School Icolcheslerl Limited and the group is consliluled under a Memorandum ol Association dated 27 August 1970 and is a registered Charity number 309266. The principal object ol the Cornpany St Mary's School Icolchesterl Limited and Ihe group is to provide educational services and support lo girls aged from 'rising 3, 10 16 and boys Iroffl 'rising 3, 10 4. b. Method of appolnlmenl or election of Governors The Governors ol the School who servecl during the year, were as slated on page 1. They are also the Charity Trustees and the Governors ol the Charitable Company. The year saw the appointtllenl ol Mr Antony 8ell, Mrs Esther Eddy and Mrs Deborah Hamilton during the year. New Governors are encouraged lo gain lirsl-hand knowledge ol the working life ol 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 ol conlinuoLJS training on oller and new Governors attend workshops run by AGBIS. The Governors assist the Principal in supporting the Senior Leadership Team. . An Overvlew Once again, the Governors are plèased lo report that the academic r8sLJlts achieved at all three levels, EYFS, Lower School and Senior School are excellent. 'Resulls in national tests at ihe age ol eleven were well above the national average lor maintained primary Schools, Results al GCSE have been good in relation lo the national average. Pupil attainment as shown by the slandardised measures ol progress, indicate that pupils make good progress across the board. Our Kindergarten continues lo flourish and the standard ol care and education is acknowledged by parents. Attendance has Temained very healthy and pupils ¢onlinu8 to progress through into the Lower School. Financially. the School has maintained its locus on strict control ol all expenditure. together with a prudent approach to our rolling maintenance programmes. The Governors continue to monitor the situation regarding pupil nLJmbers closely and this retnains a key IOCLJS as we finance investment lor the long-term success ol the School. All these achievements are the direct result ol the work ol the Principal, Mrs Grillilhs and her dedicated Senior Leadership Team. leaching stall and non-lea¢hing stall. We thank them lor their successes and continuing ellorls. Page 5
ST MARY'S SCHOOL ICOLCHESTERI LIMITED IA company limited by guarantee) GOVERNORS, REPORT FOR THE YEAR ENDING 31 AUGUST 2023 d. Organisational structure and declslon maklng The Board ol Governors administers the Charity.11 meets Iouf limes a year as a lull Board and there are subcommittees lor Education. Finance & Operations, Bursaries and Marketing and Business Developrnenl, all of which meet formally with additional meetings, as required. Other working groups ol Governors and senior stall convene when necessary lo evaluate, oversee, and l or monitor specific projects or issues. The Principal Is responsible for all educational matters and lor the day-to-day management ol the School. She heads the School's Senior Leadership Team and reports to the Board at each mèeting. The Principal and Chair ol Governors meet regularly. The School Development Plan is the working tool used by all parties and is regLJlarly reviewed by the Governors.11 rellecls the short lo medium term strategic direction ol the School and is updated regularly. The Head ol Finance & Operations is responsible lor all non-acadernic aspects of the School, Including researching, recommending and implementing financial decisions, management ol the eslale, IT inlraslruclure and maintaining all policies, as well as the management ol non-leaching stall. In addition, she is responsible lor many ol the compliance and regulatory matters allecling the School. She reports directly to the Principal and also to the Board, as required, al each Governor's meeting. The Governor5 are mindful of their regulatory responsibilities. The S¢hoDI underwent a routine Independent Schools Inspeclorale Fo¢us8d Compliance and Educational Quality inspection during this academic year IFebTuary 20231 and the Regulalory Compliance part ol the inspection ltsund that 'lhe School meets the standards in the schedule to the Education Ilndependenl School Slandardsl Regulations 2014 and relevant requirements of the statutory framework lor the Early Years Foundation Stage and a5social&d requirements and no further action is required as part ol this inspection. e. Related party relationships Governors None ol our Governors receive refnuneralion or other benefit from their work with the organisation and any expenses in¢LJrred by them on behalf ol the School is claimed lor and paid. All concerned sign a Conflicts ol Interest declaration and are required lo declare any interests Ihal may arise, both at committee meetings and also through a Declaration ol Interests form. In the reporting year no interests were declared. Senior Staff {s88 also section d. 'organisational slructure and decision making.) The School's Senior Leadership Team is comprised ol the Principal, Head of Finance & Operations, Head ol Senior School and Head ol Lower School. The Governors review their pay annually and ensure that the pay policy is applied using agreed erileria. The Principal and the Head ol Finance & Operations. salarie5 are 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 ullimalely subject lo allordability. Page 6
ST MARY'S SCHOOL ICOLCHESTERI LIMITED IA company limited by guaranteel GOVERNORS, REPORT FOR THE YEAR ENDING 31 AUGUST 2023 Educational, Pasroral links and other relationships As a School, Sl Mary's focusses on the importance of'characler education educating the whole young person, inspiring girls lo explore their talents, have the courage lo lake on new and exciting challenges and develop as individuals, ready lo take their place in an ever-changing world. The School continues lo develop this Ihrough ils membership ol the Round Square organisation- a worldwide network ol over 200 Schools in more than 50 countries across six Continents. Stall and pupils continue lo conne¢l globally through allending the Round SqLJare annual International Conference as well as taking part in other Dnline and in person conferences and collaborations. The RoLJnd Square Committee is also committed to service activities through the year, working with a local charity called the Catherine Bullen Foundation to provide all students al the Good Hope Primary School in rural Namibia with a school uniform including shoes,. they are continuing their work to raise money lor a gardening project to grow their own food. St Mary's was awarded ils 8th Eco Schools Green Flag with distinction in July 2023, this is the culmination of 17 years, worth ol dedication lo sustainability. This is the ultimate accolade and mean5 that the school is ollen showcased by Keep Britain TidylEco Schools as an organisalion to support other aspiring schools, locally, nationally, and globally. St Mary's was praised for how environmental topics have been embedded into the curriculum at Sl Mary's and that green issues are used to enrich learning and engage young people In irnFXlrtant issues. The Eco- Schools team were incredibly Impressed by how Sl Mary's green agenda has unil&d pupils, stall, families and the wider community in a common goal. The School works hard lo develop ils relationships with local primary and le&der schools, with regular invitations lo School events and productions. Memberships The School is a member ol.. the Girls, Schools Associalion the Independent Schools BLJrsars' Association IISBAI and the Head ol Financ& & Operations attends regional and national meetings on the School's behalf the Independent Association ol Prep Schools IIAPSI and the Head of Lower School attends regional and national meetings on the School's behalf the Independent School's Association IISAI Round Square organisalion The School holds the nationally recognised International Sehools Award and has gained ils eighth Green Eco Flag with distinction. f. Rlsk management The Governors have assessed the major risks lo which the Company St Mary's School Icolcheslerl Limited and the group is exposed. in particular those related lo the operations and finances ol the Company St Mary's School ICol¢hesterl Limited and the group, and are satisfied that systems and procedures are in place lo ffliligale exposure to the major risks. Future developments The key objective ol the Governors is lo balance the provision ol an excellent all-round education to all pupils with maintenance and irnprovemenl lo all the School's facilities and assets. However, the Governors recognise that we musl plan beyond the immediate ILJture to ensure the long-lerm provision ol excellent education lor the pupils enlrusled to OLJr care. Careful moniloring ol the financial climate and trends and ils effe¢l on parental ability to maintain lee payment will be a continuing locus, espe¢iaSly given the backdrop ol the rising cost ol living and inllalion. To ensure that we deliver value lor rnDney and remain allordable. we monitor the lees charged by other education providers in the area. as well as those charged nationally, whilst ensuring that our excellent standards are maintained. Page 7
ST MARY'S SCHOOL ICOLCHESTERI LIMITED IA company limited by guarantee) GOVERNORS, REPORT FOR THE YEAR ENDING 31 AUGUST 2023 Our locus is to continue to improve upon our academic r&sulls,' develop and add extra value lo the School oller in order lo slimulale growth in pupil numbers and to capitalise upon the ongoing success ol the Kindergarten as a feeder into the main School. The plan also recognises the importance ol the marketing ellort in this process. Sehool Bus service - 2022123 was another strong year lor the St Mary's bus service, with occupancy levels remaining constant and customer satisfaction high. The bus service continues lo be reviewed regularly lo assess potential new routes and expansion. Governors, responsibilities slalement The Govemors Iwho are also Directors ol Sl Mary's School Icolcheslerl Limited lor the purposes ol company lawl are responsible lor preparing the Governors, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdofn Generally Accepted Accounting Practice). Company law requires the Governors to prepare financial statements lor each financial year. Under company law the Governors must not approve the financial slalemenls unless Ih&y are salislied that they give a true and lair view ol the slate ol allairs ol the charitable company and the group and ol the incoming resources and appli¢alion ol resources, including the income and expenditure, ol the charitable group lor that period. In preparing these financial statements, the Governors are required lo.. select suitable accounting policies and Ihen apply them consistently,. obsetve the methods and principles in the Charities SORP., make judgments and accounting estirnales that are reasonabl& and pruclenl", prepare the financial slalemenls on the going ¢on¢ern basis Ljnless il Is inappropriate lo presume that the Charitable group will Continue in operation. The Governors are responsible lor keeping accounling records that are sullicient to show and explain the charitable company and the group's transactions and disclose with reasonable accuracy at any time the financial position ol the charitable group and enable them lo ensure that the financial slalemenls Comply with the Companies Act 2006. They are also responsible lor safeguarding the assets ol the ¢harilable company and the group and hence lor taking reasonable steps lor the prevention and detection ol fraud and other irregularities. Disclosure of information to auditors Each DI the persons who are Governors al the lime when this Governors. report is approved has confirmed Ihal.. so lar as that Governor is aware, there is nts relevant audit information of which the charitable group's auditors are unaware, and that Governors have taken all the steps that ought to have been taken as a Governor in order to be aware any relevant audit information and to establish that the charitable group's auditors are aware ol that inlormalion. This report was approved by the Governors on and signed Dn their behalf by.. R G Lambert (Co-chair ol Governors) Page 8
ST MAR Y'S SCHOOL (COLCHESTERI LIMITED IA company Ilmlted by guaranlee) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF ST MARY'S SCHOOL {COLCHESTERI LIMITED Opinion We have audited the financial statements of Sl Mary's School Icolcheslerl Limited (the 'parenl charitable company'l and ils subsidiaries Ilhe 'groLJP'I lor the year ended 31 August 2023 which comprise the Consolidated statement ol financial aclivilies, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows and the related notes. including a summary ol 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 ol Ireland, (United Kingdom Generally Accepted Accounting Praclicel. In our opinion the financial slalemenls.. give a true and lair view ol the slate ol the Group's and ol the parent charitable company's allairs as at 31 August 2023 and ol th& Group's incoming resources and application of resources, including its income and expenditure lor the year then ended., have been properly prepared in accordancè with United Kingdom Generally Accepled Accounting Practice,. and have been prepared in accordance with the requirements ol the Companies Act 2008. Basis for opinion We conducted our audit in accordance with Intemalional Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditors. responsibilities lor the audit of the financial statements section ol our report. We are independent ol the Group In accordance with the elhi¢al reqLJirements that are relevant lo our audit ol the financial slalemenls in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have lullilled our other ethical responsibilities in accordance with thgse requirements. We believe that the audit evidence we have obtained is sullicient and appropriate lo provide a basis for our opinion. Conclusions relatlng to golng concern In auditing the financial statements, we have coneluded that the Governors, use ol the going concern basis ol aecounling in the pr¶lion ol the financial statements is appropriate. Based on the work we have performed, we have not idenlilied any material uncertainties relating lo events or conditions that, individually or collectively, may cast significant doubl on the Group's or the parent charitable company's abilily to continue as a going concern lor a period ol al least twelve months from when the financial slalemenls are aulhorised lor issue. Our responsibilities and the responsibilities ol the Governors with respect to going concern are described in the relevant sections ol this report. Page 9
ST MARY'S SCHOOL {COLCHESTERI LIMITED IA company Ilmlted by guarantee) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF ST MARY'S SCHOOL ICOLCHESTERI LIMITED (CONTINUED) Olher information The other inlormatiDn comprises the information included in the Annual report other than the linallcial statements and our Auditors, report thereon. The Governors are responsible lor the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, ex¢epl lo the extent otherwise explicitly staled in our report, we do not express any form ol assurance conclusion Ihereon_ Our responsibility is lo read the other information and, in doing so, Consider whether the other information is materially inconsistent with the financial slalemenls or our knowledge obtained in the CDurse ol the audit, or otherwise appears lo be materially misstated. 11 we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a Tnalerial misslalement in the financial statements themselves. 11, based on the work we have pertormed, we conclude that there is a material misstatement of this other information, we are required lo report that lacl. We have nothing to report in this regard. Oplnlon on other matters prescribed by the Companles Act 2006 In our opinion, based on Ihe work undertaken in the course ol the audit.. th8 information given in the Governors, report lor the financial year lor which the financial statements are prepared is Consistent with the financial statements. the Governors. report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light ol our knowledge and underslanding ol the charitable company and its environm&nl obtained in the course ol the audit, we have not identified material misslalements in the Governors, report. We have nothing to report in respect ol the following matters in relation lo which Companies Act 2006 requires us lo report lo you il, in our opinion.. the parent charitable company has not kept adequate and suff icienl accounting records, or retLJrns adequale lor our audit have not been received from branches not visited by us., or the parent charitable ccimpany financial statements are not in agreement with the accounting records and returns., or certain disclosures ol Governors, reeratiOn specified by law are not made., or we have not received all the information and explanations we require lor our audit. Responsibilities of trustees As explained more lully in the Governors. responsibilities slalemenl, the Governors (who are also the cSirector5 01 the charitable company lor the purpose5 01 company lawl are responsible lor the preparation ol the financial slalemenls and lor being satisfied that they give a true and lair view, and lor such internal control as the Governor5 determine is necessary lo enable the preparation ol financial statements that are Ire6 from material misstaternent, whether due lo fraud or error. In preparing the financial slatemenls. the Governors are responsible lor assessing the Group's and the parent charitable company's ability to continue as a going concern, disclosing, as applicable, mallers related to going concern and using the going ¢on¢ern basis ol accounting unless the Governors either intend lo liquidate the Group or the parent charitable company or to cease operations, or have no realistic alternative bul lo do so. Page 10
ST MARY'S SCHOOL ICOLCHESTERI LIMITED {A company limlted by guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF ST MARY'S SCHOOL ICOLCHESTERI LIMITED ICONTINUED) Auditors. responslblllties for the audil of the financial statements Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due lo fraud or error, and to Issue an Auditors. report that includes our opinion. Reasonable assurance Is a high level of assurance, bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a rnaterial misslalemenl when it exists. Misslalemenls can arise from fraud or error and are considered material il, individually Or in the aggregate, they could reasonably be expected to influence the economic decisions ol users taken on the basis of these financial statements. Irregularities, including fraud, are instances ol non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to delecl material misstatements in respect ol irregL41arilies, including fraud. The exlenl lo which our procedLJres are Capable ol delecling irregularities, including fraud is detailed below.. We obtained an understanding ol the legal and regulatory Irameworks that are applicable to the charitable company group and lor those that are most significant, we enquired into how management ensures compliance is maintained. We identified that the principle risks ol non compliance with laws and regulations related lo the regulatory industry that the school as a charitable company operates in. This ellects the ability lo continue the charitable activities ol educating girls 3 - 16 land boys 3 - 41 Other r8levanl laws and regulations of note include health and safety. Enquiry and review ol the entity's transactions was undertaken to highlight any inslan¢es ol penalties, lines or legal activity which could suggest non-compliance with laws and regulations. There was no conlradictory evidence found. We also Considered those laws and regulations that have adirect impact on the preparation ol the financial slalements including the Companies Act 2006. and Charities SORP. We evaluated management's incentives and opportunities for fraudulent manipulation ol the financial statements (including the risk of overide ol conlrolsl and determined that the principle risks were related to the override ol delegated authorities and the misappropriation ol funds. In response we incorporated lesling ol procLJrement and expenditure and any other entries al risk ol lalling outside ol delegated aulhorities. Scrutiny ol unusual transactions and analytical procedures were used to help identify risk laclors in monies received and expended during the year. It is also slated as a reminder, that the primary responsibility lor the prevention and detection ol fraud rests with both management and those charged with governance ol the charitable company group. A further description tsl our responsibilities lor Ihe audit ol the financial slalements is located on the Financial Reporting Council's website at.. www.lrc.or .audItorsreS onsibilities. This descriplion forms part ol our Auditors, report. Page11
ST MARY'S SCHOOL {COLCHESTERI LIMITED IA company Ilmlted by guaranleel INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF ST MARY'S SCHOOL ICOLCHESTERI LIMITED {CONTINUED} Use of our report This report is made solely lo the charitable company's members, as a body, in a¢¢ordance with Chapter 3 01 Part 16 01 the Companies Act 2006. Our audit work has been undertakell so that we might slate lo the charitable company's members those matters we are required to state to them in an Audittsrs, report and lor no other purpose. To the lullesl exlenl permitted by law, we do not accept or assume responsibility lo anyone other Ihan the charitable company and ils members, as a body, lor our audit work, lor this report, or lor the opinions we have formed. Daniel Aldworth (Senlor statutory auditor lor and on behalf ol Griffin Chapman Chartered Accountants Registered Auditors 4 & 5 The Cedars Apex 12 Old Ipswich Fload Colchesler Essex C07 7QR Date.. 13 Mthr6k &2Lk Page 12
ST MAR Y'S SCHOOL ICOLCHESTERI LIMITED IA Company limited by guarantee) CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES IINCORPORATING INCOME AND EXPENDITURE ACCOUNT} FOR THE YEAR ENDED 31 AUGUST 2023 Unrestrictsd funds 2023 Restrlcted funds 2023 Total funds 2023 Total funds 2022 Note Income from: Donations and legacies Charitable activities Other trading activities Investments 25.460 6,043,425 35,603 45.972 25,460 6,043,425 35,603 45,972 35,886 5,801,31 72,748 1,890 Total incom 6.150.460 6,150,460 5,911,836 Expenditure on.. Raising funds Charitable activities 73.212 6.191,096 73,212 6,191,096 77,141 5,979.071 Total 8xpenditure 6.264.308 6,264,308 5,996,218 Net movement In funds 1113,8481 (113,848) (84,382) Reconeillatlon of funds: Total funds brought ftsTward Nel movement in funds 4.41 S.475 1113,8481 1,000 4.416.475 (113.8481 4,500,857 (84,382) Total funds carrled forward 4,301.627 1.000 4,302,627 4.416,475 The Consolidated slalemenl ol financial activities includes all gains and losses recognised in the year. The notes on pages 17 to 35 form part ol these financial statements. Page 13
ST MARY'S SCHOOL ICOLCHESTERI LIMITED (A company Ilmited by guarantee) REGISTERED NUMBER: 0988976 CONSOLIDATED BALANCE SHEET AS AT 31 AUGUST 2023 2023 202£ Note Flxed a$$et$ Tangible assets 3,723,944 3, 733,430 3,723,944 3,733.430 Current assets Stocks Debtors Cash at bank and in hand 13,210 143,333 2.207,002 58,691 2,225,376 2,363,545 2,582, 779 Credilors.- amounts falling due within one year 11,784,862) 11,899, 734) Nel current assets 578.683 683,045 Total assets less Current liabililio$ 4,302.627 4,416,475 Net assets excluding penslon asset 4,302,627 4,416,475 Total nel assets 4,302.627 4,416,475 Charily funds Reslricled funds Unrestricted tunds 1,000 4,301,627 1,000 4,415,475 Total fund$ 4,302,627 4,416.475 The Governors acknowledge their responsibililies lor complwng with the requirements ol the Act with respect lo accounting records and preparalion ol financial staternents. The financial statements were approved and aulhorised lor iSSLJe by the Governors and signed on their behalf by.. Mr R G Lambert Ico-chair of Governors) Dale.. 7 lol The notes on pages 17 10 35 form part ol these financial statements. Page 14
ST MAR Y'S SCHOOL {COLCHESTERI LIMITED IA company limited by guarantee) REGISTERED NUMBER: 0988976 COMPANY BALANCE SHEET AS AT 31 AUGUST 2023 2023 2022 Nolg Flxed assets Tangible assets Investments 3.723.944 3,733,430 3.723,945 3, 733,431 Current assets Stocks Debtors Cash al bank and in hand 5,826 167,540 2.189,634 7,314 348,526 2,225,074 2,363,000 2,580,974 Creditorg.. amounts falling due within one year 11.784,3181 (1,894,967) Net current assets 578,682 685,94/ Total assèts less current liabilities 4,302.627 4,419,378 Net assets excluding penslon asset 4,302,627 4,419,378 Total net assets 4,302.627 4,419.378 Charity fund$ Reslricled funds Unreslricled funds 19 1,000 4,301.627 I,ooo 4,418,378 19 Total funds 4,302.627 4,419,378 The Cornpany's net Thovemenl in funds lor the year was £1116,7511 (2022- £(74,046)J. The Governors acknowledge their responsibilities lor cofflplying with the requirements ol the Act with respect to accounting records and preparation ol financial slalemenls. The financial statements were approved and aLJthorised lor issue by the Governors and signed on their behalf by.. Mr R G Lambert (Co-chair ol Governors) Date.. 7 Li14 Page 15
ST MARY'S SCHOOL ICOLCHESTER} LIMITED (A company limited by guarantee) CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2023 2023 2022 Cash flows from operatlng activltles Net cash used in operating activities 170,590 707, 191 Cash flows from investing activities Dividends, interests and renis from investments Proceeds from the sale ol tangible fixed assets Purchase of tangible fixed assets 45,972 1,890 250 1234,936) (550,476) Net cash used in investing activities 1188,964) 1548.3361 Cash flows from fSn8ncing activities Net cash provided by flnanclng actlvltles Change In cash and cash equivalenls in Ihg year Cash and cash equivalents al the beginning ol the year 18.374) 2,225.376 158.855 2,066,521 Cash and cash equivalent$ at the end of the year 2.207.002 2,225.376 The notes on pages 17 10 35 form part ol these financial statements Page 16
ST MARY'S SCHOOL ICOLCHESTERI LIMITED IA company Ilmlted by guarantge) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 General information The company is a company limited by guarantee. The members ol the company are the governors named on page 1. In the ev&nl ol the company being wound up, the liability in respect ol the guarante& is limited to £1.00 per member ol the company. Accounting policies 2.1 8asls ot preparation of financial statements The financial statements have been prepared in accordance with the Charities SORP IFRS 1021 Accounting and Reporting by Charities.. Statement ol Reeommended Pra¢li¢e applicable to charities preparing their accounts in a¢cordance with the Financial Reporting Standard applicable in the UK and Republic ol Ireland IFRS 1021 leffe¢livg 1 January 20151, the Financial Reporting Standard applicable in the UK and Republic ol Ireland IFRS 1021 and the Companies Act 2006. Sl Mary's School Icolchesterl Limited meets the definition ol a public benefit entity tjnder 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 ISOFAI and consolidated balance sheet consolidate the financial statements ol the Group and ils subsidiary undertaking. The results ol the subsidiary are consolidated on a line by line trasis. The GroLJP has taken advantage ol the exemption allowed under section 408 01 the Companies Act 2006 and has not presented ils own Statement ol financial activities in these financial statements. 2.2 Golng concem The governors assess whether the use ol going concern is appropriate, ie whether there are any material uncertainties related to events or conditions that tnay cast significant doubl on the ability ol the Charitable Company group lo continue as a going concen. The governors make this assesmenl in respect ol a period ol al least one year from the dale ol authorisation lor issue ol the financial slalements and have concluded that the Charitable Company group has adequate resources to continue in operational existence lor the lorseeable lulure and that there are no material Ljncertainties about the Charitable Company group's ability lo continue as a going concern, thus they continue lo adopt the going concern basis ol accounting in preparing the financial stalemenls. Page 17
ST MARY'S SCHOOL ICOLCHESTERI LIMITED (A cornpany limited by guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Accounting policies Icontinuedl 2.3 Income All income is r&cognised 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 measLJred reliably. Where the donated good is a fixed asset, il is measured al fair value, unless il is impractical lo measure this reliably, in which case the cost of the itetn 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 ol the value ol the girt lo the company which is the amount it would have been willing to pay lo obtain services or facilities ot equivalenl economic benefit on the open market,. a corresponding amount is then recognised in expenditure in the period ol receipt. Income tax recoverable in relation to investment income is recognised al the lime the investment income is receivable. 2.4 Expendlture Expenditure is recognised once there is a legal or constructive obligation lo Iransler economic benefit lo a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount ol the obligation can be measured reliably. Expencliture is classified by activity. The costs ol each activity are made up ol the lolal of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs allribulable lo a single activity are allocated dire¢lly to that activity. Shared costs which contribute lo more than one activity and support costs which are not altribulable to a single activity are apportioned between those activities On a basis consistent with the use ol resources. Central stall costs are allocated on the basis ol time spent, and depreciation charges allocated on the portion ol the asset's use. ExpenditLJre on raising ILJnds includes all expenditure incurred by the Group lo raise funds lor ils charitable purposes and includes Costs ol all fundraising activities events and non-charilable trading. Expenditure on charitable activities is incurred on directly undertaking the activities which further the GroLJP'S objectives, as well as any as50cialed support costs. All expenditure is inclusive ol irrecoverable VAT. 2.5 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 nolilication ol the interest paid or payable by the institution with whom the funds are deposited. Page 18
ST MARY'S SCHOOL {COLCHESTER} LIMITED IA company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Accountlng pollcles {contlnuedl 2.6 Tangible fixed assets and depreciation Tangible fixed assets costing £NIL or more are capitalised 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 al cost less a¢cumLJlated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its inlended working condition should be included in the measurement of cost. Depreciation is charged so as to allocale the CDSt ol tangible fixed assets less their residual value over their estimated useful lives, using the slraighl-line melhcKI. Depreciation is provided on the following bases.. Freehold property Motor vehicles Fixtures and fillings School equipment 2 lo on c05t 20QJy on cost 1 OQ/o on cost 25 /0 to 33.30/0 on cost The assets, residual values, useful lives and depreciation methods arg reviewed. and adjusted prospectively il appropriate, or if there is an indi¢ation ol a significant change since the last reporting date. 2.7 Investments Fixed asset investments are a form ol linan¢ial instrument and are initially recognised al their transaction cost and subsequently measured al lair value al the Balance sheet dale, unless the value cannot be measured reliably in which case it is ffleasured al cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as 'GainsllLossesl on inveslmenls, in the Consolidated statement ol financial activities. Investrnents in subsidiaries are valued al cost less provision lor impairment. 2.8 Stocks Stocks are valued al the lower ol cost and nel realisable value alter making due allowance lor obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion ol fixed and variable overheads. 2.9 Debtors Trade and other debtors are recognised al the settlement amount after any trade discount ollered. Prepayments are valued at the amount prepaid nel ol any trade discounts due. 2.10 Cash al bank and in hand Cash al bank and in hand includes cash and short-lerm highly liquid investments with a short maturity of three months or less from the dale DI acquisition or opening ol the deposit or similar account. Page 19
ST MARY'S SCHOOL ICOLCHESTERI LIMITED IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Accountlng policies Icontinuedl 2.11 Llabllltles and provisions Liabilities are recognised when Ih&re is an obligation al the 8alance sheet date as a result ol a past event, it is probable that a transl&r ol economic benefit will be required in settlement, and the amount ol the selllement ¢an be estimated reliably. Liabilities are recognised al the amount that the Company anticipates il will pay lo s&llle the debt or the amount it has received as advanced payments lor the goods or services it musl provide. Provisions are measured at the best estimate ol the amounts required lo settle the obligation. Where the etfecl ol the lime value ol money is fflaterial, the provision is based on the prasent valLJe ol those atnounls, discounted al the pre-tax discount rate that reflects the risks specific lo the liability. The unwinding ol the discount is recognised in the Consolidated statetnent ol financial activities as a finance cost. 2.12 Financi81 instruments The Charitable Company Group only has financial assets and financial liabilities ol a kind that qualify as basic financial inslrumenls. Basic financial instruments are initially recognised at iransaclion value and subsequently measured al their selllemenl value with the exception ol bank loans which are subsequently measured at amortised cost using the ellective interest method. 2.13 Operating leaseg Rentals paid under operating leases are charged lo the Consolidated statement ol 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 ol the lime pattern ol the lessee's benefit from the use ol the leased asset. 2.14 Penslons The Charitable Company Group operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Group lo the fund in respect ol the year. 2.15 Fund a¢countlng General funds are unrestricted funds which are available lor use al the discretion ol the Governors in lurlherance ol the general objectives ol the Group and which have not been designated lor other purposes. Restricted funds are lund5 which are lo be used in accordance with specific restrictions imposed by donors or which have been raised by the Group lor particular purposes. The costs ol raising and administering such funds are charged against the specific fund. The aim and use ol each restricted fund is Sel out in the notes lo the financial statements. Investment income, gains and losses are allocated lo th8 appropriate fund. Page 20
ST MAR Y'S SCHOOL ICOLCHESTERI LIMITED IA company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Critical a¢counllng estimat9$ and areas of judgment Eslimales and judgments are continually evaluated and are based on hislofical experience and other laclors, including expectations ol lulure events that are believed to be reasonable under the circumstances. Critical accounting eslimales and assumplions.. The company makes estimates and assumptions concerning the future. The resulting accounting estimates ancl assumptions will, by delinilion, Seldo equal the related actual results. The eslimales and assumptions that have a significant risk ol causing a material adjuslmenl lo the carrying amounts ol assels and liabilities within the next linancial year are discussed below. Stock stock is stated at the lower ol cost Ilirsl in first out melhodl Dr net realisable value. Stock provisions are recognised lor slow moving, obsolete or unsalable inventory and are reviewed on a periodic basis. This figure is incorporated into the value ol closing stock at the year-end_ Income from donations, legacies and government grants Unrestricted lund$ 2023 Total lunds 2023 Total lunds 2022 Donations 25,460 25,460 35,886 Total 2022 35,886 35,886 Income from Charltable activities UnrÈstrleted funds 2023 Total funds 2023 Total funds 2022 Income from charitable activities - Upper School Income from charitable activities - Lower School Income from charitable activities - Kindergarten 4,220,181 1,564,947 258,297 4,220,181 1,564,947 258,297 3,935,524 1,596,347 269.441 Total 2023 6.043,425 6,043,425 5,801,312 Total 2022 5,801,312 5.801,372 Page 21
ST MARY'S SCHOOL ICOLCHESTERI LIMITED IA company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Income from other tradlng actlvltles Income from non charitable trading activities Unrestilcted lunds 2023 Total funds 2023 Total funds Shop income 35,603 35.603 72, 748 Tot312022 72,748 72,748 Investment income Uniestricted funds 2023 Total funds 2023 Total funds 2022 Investment income- bank interest 45,972 45.972 1,890 Tolal 2022 1,890 1,890 Analysis of expenditure on charltable actlvltles Unrestrlcted funds 2023 ToLIl 2023 Tolai Upper School Lower School Kindergarten 4,212,165 1,7Q6,442 272,489 4.212,165 1,706,442 272,489 4, 122. 134 1,538.493 258,450 6,191,096 6.191,096 5,919.07i Total 202 5,919,077 5.919.07i Page 22
ST MARY'S SCHOOL ICOLCHESTERI LIMITED (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Analysis ol expenditure on charitable activities Iconllnuedl {¢ontlnuedl Analysis ol expendlture by activities Aetlvltles undèrtaken directly 2023 Support costs Total funds 2023 Total lund5 2022 2023 Upper School Lower School Kindergarten 2,882.349 1,190.494 187,339 1,329,818 515,948 85,150 4,212,165 1,706,442 272,489 4, 122. 134 1,538,495 258,450 4,260,182 1,930,914 6.191.096 5,919,Q7i Total 2022 3,962,874 1,956,203 5,919,077 10. Auditors. remunerallon 2023 2022 Fees payable lo the cornpany's auditor for the audit ol the company's annual accounts 11,400 71.340 Fees payable to the company's auditor in respect ol.. All non-audil services not included above 2,580 2, 148 Page 23
ST MARY'S SCHOOL {COLCHESTERI LIMITED IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Slaff Costs Group 2023 Group Company 2023 Con7pany 2022 Wages and salaries Social sg¢urily costs Contribution lo defined Contribution pension schemes 3,230,438 311,242 3,045,550 301,990 3,219,980 311,101 3,035,92£ 301.82i 514,203 485,961 514.129 483,874 4.055,883 3,831,50i 4,045,210 3,821.623 The average number ol persons gmploygd by the company during the year was as follows.. Group 2023 Group Company 2023 Company 2022 No. No. Teaching stall Domestic & non-leaching stall Adminilralive stall Nursery 41 40 13 14 41 40 13 14 13 15 15 75 73 75 73 Th8 number ol 8mployees whose employee benefits lex¢luding employer pension ¢oslsl exceeded £60,000 was.. Group 2023 No. Group 2022 No. In the band £60,001 £70,000 In the band £70,OQ1 £80.000 In the band £80,001 £90,000 12. Governors, remuneration and expenses During the year, no Governors received any remuneration or other benefits (2022- £NILJ. During thè year ended 31 August 2023, expenses lotalling £NIL were reimbursed or paid directly to Governors (2022 - £27110 d Governors). Page 24
ST MARY'S SCHOOL {COLCHESTERI LIMITED {A company limited by guaranleel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 13. Tanglble fixed a$$ets Group Freehold property Motor vehicleg Flxtures and Assets under Ilttlnlls construction Total Cost or valuatlon Al 1 September 2022 Additions Transfers between classes 4,511,822 15,382 36,000 1,078,192 125,895 57,310 162,784 73,041 1220,1451 5,768,180 234,936 162,835 AI 31 ALJgust 2023 4,674,657 51,382 1,261,397 15,680 6,003,116 Depreclatlon At 1 September 2022 Charge lor the year 1,461,654 87,198 15,382 4.800 557.714 152.424 2,034,750 244,422 Al 31 August 2023 1,548,852 20.182 710,138 2,279,172 Net book value Al 31 August 2023 3,125,805 31,200 551,259 15,680 3.723.944 At 31 August 202£ 3,050, 168 520,478 162, 784 3, 733,430 Company Freehold property Motor v•hieles Flxtur85 and Assets under fitting5 eonstruction Toial Cost or valuation Al 1 September 2022 Additions Transfers between classe5 4,511.822 15,382 36.000 1.078,192 125,895 57,310 162,784 73,041 1220,1451 5.768.180 234,936 162,835 Al 31 August 2023 4.674,657 51,382 1,261,397 15,680 6,003,116 Page 25
ST MARY'S SCHOOL ICOLCHESTERI LIMITED (A Company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Tangiblo fixed assets Icontinuedl Company {continuedl Fraehold property Motor vehicles Flxturas and Assets under fittings construetlon Total Depreciation Al 1 September 2022 Charge lor the year 1.461.654 87.198 15,382 4.800 557,714 152,424 2,034,750 244,422 Al 31 August 2023 1,548.852 20,182 710,138 2,279,172 Net book value At 31 August 2023 3.125.805 31,200 551,259 15,680 3,723,944 At31 August202 3,050, 168 520,478 162,784 3, 733,430 14. Fixed asset investments Invèstmènts in subsidiary companles company Cost or valuation At 1 September 2022 At 31 August 2023 Net book value Al 31 August 2023 Al 31 August202£ Page 26
ST MAFIY'S SCHOOL ICOLCHESTERI LIMITED (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 15. Stocks Group 2023 Grou Company 2023 Company Finish&d goods and goods lor resale 13.210 58,691 5,826 7.314 16. Debtors Group 2023 Group Company 2023 Gompan 2022 Due wlthln one year Trade debtors Amounts owed by group undertakings Other debtors Prepayments and accrued income 20,342 97.975 24,318 20,231 156 99,97K 48,216 5,375 794,958 156 122,835 5,690 195,049 122.835 143,333 298.772 167,540 348,526 17. Creditors.. Amounts falllng due wilhin one year Group 2023 Group Company 2023 Company Trade creditors Other laxalion and social security Other creditors, accruals and deferred income 93.120 71,208 1,620,534 113,141 71,228 1, 715,365 93.656 71.208 1,619,454 112,028 71,228 1,711,711 1.784,862 1,899,734 1,784,318 1,894,96i Group 2023 Group Company 2023 Company 2022 Deferred Income and fees In advan¢0 Deferred income al 1 September Resources deferred during the year Resources released during the year 773,941 554,808 (664,9611 299, 104 1,031,333 (556,4962 7T3,941 554.808 1664,9611 299, 104 1,031.333 (556,496) Deferred income a131 August 663,788 773,941 663,788 773,941 Page 27
ST MARY'S SCHOOL ICOLCHESTERI LIMITED IA company Ilmlted by guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 18. Flnanclal Instruments Group 2023 Group 202 Company 2023 Company 2022 Financial assets Financial assets measured al lair value through income and expenditure Financial assets that are debt instruments measured at amortised cost 2,207.002 2,225,376 2,189,634 2,225,074 20.498 103,663 44,705 153,568 2,227.500 2,329.C139 2,234,339 2,378,642 Group 2023 Group Company 2023 Company 202 Financial liabilities Other linaneial liabilities measured at lair value through income and expenditure 214,053 477,088 213.509 472,322 Financial assets measured al lair value through income and expenditure Comprise bank and cash balances. Financial assets are debt instruments ffleasured at amortised cost comprises debtors excluding pre- payments and tax recoverable. Other financial liabilities measured al lair value through income and expenditure comprise creditors, exclLJding taxation, social security and deferred Income. Page 28
ST MARY'S SCHOOL {COLCHESTERI LIMITED IA company limited by guarantee) NOTES TO THE FINANCIAL ST ATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 19. Statement of funds Statement of funds- current year Balanee at I September 2022 Transfers Balance at 31 Inlout August 2023 Incom Expandlture Unrestricted lunds General Funds all funds Fixed asset lund 6B2,045 3,733,430 6,150.460 (6,019,886) 1244,4221 1234,9361 234.936 577,683 3.723,944 4,415,475 6,150.460 {6,264,3081 4,301,627 Restricted funds Reslricled Funds- all funds 1.000 1,000 Total ot funds 4.416.475 6,150,460 16,264,308) 4,302,627 The transfer tsf funds reflects unreslricled general funds being ulilised lo support the purchase ol unrestricted fixed ass&1 additions during the y&ar. Page 29
ST MARY'S SCHOOL ICOLCHESTERI LIMITED {A company limiled by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOP THE YEAR ENDED 31 AUGVST 2023 19. Slalement of funds Icontlnued) Statement of funds- prlor year 8a13nce al I Septembei 2021 Balance al 31 August 2022 Transfers in/oul Income Expenditure Unrestricted funds General Funds - all funds Fixed asset fund 1,092,081 3,407, 776 5,911,836 (5,775, 1871 1221,031) (546,685) 546,685 682,045 3, 733,430 4.499,85i 5,911,836 (5,996,218) 4,415,475 Restricted funds Restricted Funds - all funds 1,000 1,000 Total of funds 4,500,857 5,911,836 (5,996,218) 4,416,475 20. Summary of funds Summary ot funds- curnt year 8alan¢e at 1 September 2022 Transfers Balance at 31 inlout August 2023 Income Expenditure General funds Reslri¢led funds 4.415.475 1,000 6.150,460 16,264,308> 4,301,627 1,000 4.416.475 6.150,460 16,264,308> 4,302,627 Page 30
ST MARY'S SCHOOL ICOLCHESTERI LIMITED IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 20. Summary of fundg {conlinued) Summary of funds- prlor year Balance al I September 2021 Balance al 31 Augusl 2022 Transfers inloul Income Expenditure General funds Restricted funds 4.499,857 I,ooo 5,911,836 (5,996,218) 4,4 15,475 1.000 4,500,857 5,911.836 (5,996,218) 4,416,475 21. Analysls of nel assets between funds Analysis ol net assels between funds- current year Unrestrlcted lunds 2023 Restrleted funds 2023 Total lunds 2023 Tangible fixed assets Current assets Greditors due within one year 3,723,944 2,362,545 11.784,8621 3,723,944 2,363,545 11.784,8621 1,000 Total 4,301,627 1,000 4,302,627 Analysis ol net assets between funds - prlor year Unrestricleo lunds Restriotecj funds Tolai funds 2022 Tangible fixed assets CLJrrenl asse15 Creditors due within one year 3,733,430 2,581. 779 (1,899, 134} 3,733,430 2,582, 779 (1,899,734) 1,000 Total 4,415,475 4,416,475 Page 31
ST MARY'S SCHOOL ICOLCHESTERI LIMITED IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 22. Reconcilialion of ng1 movement in funds to net cash flow from operating actlvltles Group 2023 Group 2022 Nel expenditure lor the year las per Statement ol Financial Activities) 1113,8481 (84,3821 Adjustments for: Depreciation charges Dividends, interests and rents from Investinents Loss on the sale ol fixed assets Decreasallincreasel in stocks Decreasellincreasel in debtors Increase in creditors 244.422 145.9721 221.031 (1,8901 3,541 (7,713) (20,521) 597,125 45.481 155,379 1114.8721 Nel cash provided by operating activities 170.590 707, 191 23. Analysis of cash and cash equivalents Group 2023 Group 2022 Cash in hand 2,207,002 2,225,376 Total cash and cash equivalents 2.207.002 2,225.376 24. Analysls of changes In ngt debl At1 September 2022 At 31 Auyust 2023 Cash flows Cash al bank and in hand 2.225,376 18,374) 2.207.002 2,225,376 118,374) 2.207,002 Page 32
ST MARY'S SCHOOL ICOLCHESTERI LSMITED (A company Ilmited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 25. Capltal commitments Group 2023 Group 2Q2 Company 2023 Company 2022 Contracted for but not provided in these financial statements Assets under construction 36, 734 36,734 26. Pension commltments The school runs a defined contributions scheme lor non-teaching staff. The superannuation charge representing the contributions payable lo the defined contribution scheme lor the year to 31 sl August 2023 were £27,68712022 £28,255). In addition the school also operates the teachers pension scherne which was previously available to all teaching stall. Teachers Penslon commitment$ The Teachers, Pension Scheme ITPSI is a slalLJlory, Contributory, defined benefit scheme, governed by the Teachers, Pension Scheme RegLJlations 2014. Membership is automatic lor lull-time teachers in schools and, from 1 January 2007 is aLJtornalic lor teachers in parl-lime employment following appointment or a change ol contract. although they are able Its opt out. The TPS is an unlunded scheme and members contribute on a'pay as you go, basis - these contributions along with those made by employers are credited lo the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament. Valuatlon of the Teachers, Pension Scheme The Government Actuary, using normal actuarial principles, conducts a formal actuarial review ol the TPS in accordance with the Public Service Pensions (Valuations and Employer Cost Capl Directions 2014 published by HM Treasury. The aim ol the review is lo specify the level ol future contributions. ActLJarial scheme valuations are dependent on assumptions about the value ol lulure costs, design ol benefits and many other laclors. The latest actuarial valuation ol the TPS was Carried out as al 31 March 2016. The valuation report was published by the Department for Education on 5 March 2019. The key elements ol the valuation and subsequent consultation are-. Employer contribution rates set al 23.68Q/o ol pensionable pay (including a 0.08°/o employer adminislralion charge). Total scheme liabilities (pensions currently in payment and the estimated cost ol lulure benelilsl IDr service to the elleclive date of £218,100 million, and notional assets leslimaled future contributions together with the notional investments held al Ihe valuation dale) of £196,100 million giving a notional past servic& delicil DI £22,000 million. The SCAPE rate, sel by HMT is used lo determine the notional investment return. The current SCAPE rale is 2.4°/o above the rale ol CPI, assumed real rate ol return is 2.4 10 in excess ol prices and 2°/0 in excess ol earningB. The rale ol real earnings growth is assumed lo be 2.2U/.. The assumed nominal rale of return including earnings growth is 4.45 1.. Page 33
ST MARY'S SCHOOL {COLCHESTER} LIMITED {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 26. Pension commilments Icontinuedl The next valuation result is due to be implemented from 1 April 2024. The employer's pension costs payable to TPS in the year amounted lo £486.51612022 - £455,711). A copy ol the valuation report and supporting documentation is on the Teachers. Pensions website. Under the delinilions sel out in FRS 102, the TPS is an unlunded mulli-employer pension scheme. The Charitable Company has accounted for its contributions to the scheme as il it were a defined contribution scheme. The Charitable Company has set out above the information available on the scheme. 27. Operating lease commltments Al 31 August 2023 the Group and the company had ctsmmilmenls lo make future minimum lease payrnenls under non-cancellable Dperating leases as follows.. Group 2023 Group 202£ Company 2023 Gompany 2022 Amounts payable: Not later than 1 year Later than 1 year and not later than 5 years 9,365 42,767 18,339 56,965 9,365 42,767 18,339 56,965 Tolol 52,132 75,304 52,132 75,304 28. Related party transactlons During the year the company entered into transactions lotalling £nil 12022 £2,700) with governor H Swain lo provide pastoral support services. These transactions were al commercial rates. at 31 st August 2023 £nil12022 £nill were oulslanding. During the year the company entered into transactions lolalling £4,86012022 £13,0731 with Birkett Long solicitors ol which the governDr M Loxley is a partner. These transactions were at commercial rales, at 31 sl August 2023 £nil12022 £nill were outstanding. 29. Principal subsidiaries The following was a subsidiary undertaking ol the company.. Name Company nurnber Reglstered office or principal Principal activity place of bu$lness SMS Icolcheslerl Limited 07579755 91 Lexden Road. Colchester, Essex. C03 3FIB School shop Page 34
ST MARY'S SCHOOL {COLCHESTERI LIMITED (A company limiled by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 29. Prlnclpal $ubsidiarles Icontinuedl Class of shares Holding Included in consolldalion Ordinary 1 OOY. Yes The financial results ol the subsidiary lor the year were.. Name Income Expendiiurè ProflVILoss Surplusl ID&ficltl for thè year SMS Icolcheslerl Limited 76,206 73,303 2,903 The subsidiary company ceased trading al 31st August 2023 and the subsidiary company is lo be dissolved. The results lor the parent company and the subsidiary reflect the impairment ol a £40,604 loan from the parent company lo th& subsidiary. Page 35